The chart of Tezos (XTZ) shows that the asset has broken out of a descending channel. There was support at $2.19, but as selling picked up momentum on Monday, the price of the crypto asset fell below the support level. We saw the coin drop $2.07 before making the U-turn. However, consistent bear attacks kept XTZ’s value at $2.63.
The mentioned decline took the price away from testing the $2.91 resistance and brought negative momentum to the market. This could keep the price bearish, but the asset is still in the equilibrium zone, according to the Stochastic RSI. So we can see that the buying and selling pressures remain equal. Considering the bearish trend, XTZ could continue to consolidate between the immediate resistance and support levels.
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