$XPL is currently trading around **$0.091**, testing a significant support zone after facing a stark rejection from the $0.21 resistance level earlier this year. The daily chart paints a clear picture: the trend remains bearish, with price action suppressed below all major moving averages, indicating that sellers have maintained control.
A Closer Look at the Charts:
· Downtrend Intact: The consistent lower highs and lower lows define the current structure. Until this pattern breaks, the path of least resistance is sideways to down.
· Critical Support Holding: The area between $0.088 and $0.090 is proving to be a battleground. The fact that price is holding just above this zone, coupled with visibly weaker selling momentum on recent dips, is the first notable development in weeks.
· Market Sentiment Hint: Slightly negative funding rates suggest a crowded short trade. While this confirms the bearish bias, it also creates conditions for a potential short-term squeeze if any positive momentum emerges.
Trader Takeaways:
· The Trend is Your Friend (For Now): Price trading below key MAs means the trend is still weak. Avoid premature calls for a major reversal.
· Watch These Levels:
· Support: A sustained break below $0.088 could trigger a new leg down.
· Resistance: A reclaim of $0.10 - $0.115 is needed to signal any meaningful relief move and challenge the immediate bearish structure.
· Patience & Confirmation: Smart money waits for price to confirm a change in structure, not just for it to "feel" cheap. Wait for a clear shift in momentum and a break of key levels before committing.
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