XTZ coin price is under extreme selling pressure, and the breakout of the $4.75 mark can result in downfall to the $2 mark in upcoming weeks.

Tezos says it is "secure, upgradeable, and built for the long-term" -- and claims the language of its smart contract provides the accuracy necessary to handle high-value cases. According to the open-source platform's approach, it is future-proof. It will "remain the state-of-the-art long in the future,” meaning that it can incorporate developments in Blockchain technology.

Let us now learn about the technical analysis of XTZ.
<h2>Past Performance of XTZ</h2>
The XTZ coin prices have been falling in a downtrend for the <a href="https://www.cryptoknowmics.com/news/tezos-xtz-and-aave-technical-analysis-sellers-taking-the-lead/">past couple of weeks</a>. The rejection near the $9 mark has brought the prices below the 50 percent Fibonacci retracement level.

The price rests near the 61.80 percent Fibonacci level, coinciding with the $4.75 mark stands as the last line of defense against the downfall to $2. Hence, traders can find selling opportunities shortly.

<img src="https://s3.tradingview.com/snapshots/i/IL77Rd7B.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/IL77Rd7B/">XTZ/USD Daily Chart</a>
<h2>XTZ Technical Analysis</h2>
 The rise of 16 percent in the intraday trading volume supports the recent fall of 3.65 percent in the past 24 hours. Thus, indicating an increase in the selling pressure and increasing the chances of a fallout below the $4.75 mark.

A fallout below the $4.75 mark can find support near the $3.5 and $2 marks per the pivot points. The indicator projects the resistance levels at $7 and $8.5.

The RSI indicator projects the XTZ coin is oversold in the daily chart as the slope dips below the 30 percent line. Hence, a short consolidation or retracement can be seen before the $4.75 fallout.

The DMI indicator indicates that the negative DMI is higher than the positive DMI. This suggests that there is an active downtrend. The ADX slope spikes higher up at 21%, which indicates the bearish trend momentum is increasing.

The increasing intensity of the bearish histograms, along with the falling MACD and signal lines in the daily chart, projects a rise in underlying bearishness. Thus, the MACD indicator gives a sell signal.
<h2>Upcoming Trend</h2>
The falling prices with the continuous formation of the bearish candlesticks in the XTZ price chart forecast a fall in the upcoming trend. Moreover, the technical indicators give a sell signal. 

Hence, the fallout of the $4.75 mark will bring an excellent selling opportunity for traders. Moreover, the traders can expect the prices to touch the $2 mark in the upcoming weeks if it even breaks the $3 mark.

XTZ Technical Analysis: A Fallout Can Cut The Prices In Half

XTZ coin price is under extreme selling pressure, and the breakout of the $4.75 mark can result in a downfall to the $2 mark in upcoming weeks.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

XTZ Technical Analysis: A Fallout Can Cut The Prices In Half

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