That long upper wick on XPL yesterday looks more and more like a hurdle set for people chasing the rally.
Yesterday during the day, it surged all the way to around 0.086, and the market was buzzing. But then it slid steadily throughout the evening, bottoming out at 0.069—a 20% pullback from the high. It’s now just above 0.070, basically sitting right on top of yesterday’s low.
There are just two things I’m particularly focused on 👇
- Spot trading volume on Binance yesterday was over $25 million, roughly three times the daily average from the previous week. With volume that high and a long upper wick on the close, it suggests someone was selling into the hype
- 0.067 below is where it wicked down on October 30. It’s already been tested once this week. Honestly, I’m not confident it’ll bounce if it gets tested again
A quick observation: around this time last year, it was still hovering around 0.30. Its all-time high was 1.69, so it’s now down 95% from the peak. Every time this kind of coin suddenly shoots up, people in the comments start shouting “the bottom is in,” but I’ve lost count of how many times it’s “taken off” this year 😅
My approach: if it can’t hold 0.067, I’m staying away. If I do want to look for a bounce, I’ll wait until it gets back above 0.075 and makes up at least half of last night’s drop. Meanwhile, BTC is still moving sideways around 78,000, so it’s hard for altcoins to rally on their own.
Do any of you still hold XPL? Are you planning to add at 0.067, or did you cut your losses ages ago and move on?
Just my personal opinion, not advice. Manage your own position 🙏
$XPL $BTC
Yesterday during the day, it surged all the way to around 0.086, and the market was buzzing. But then it slid steadily throughout the evening, bottoming out at 0.069—a 20% pullback from the high. It’s now just above 0.070, basically sitting right on top of yesterday’s low.
There are just two things I’m particularly focused on 👇
- Spot trading volume on Binance yesterday was over $25 million, roughly three times the daily average from the previous week. With volume that high and a long upper wick on the close, it suggests someone was selling into the hype
- 0.067 below is where it wicked down on October 30. It’s already been tested once this week. Honestly, I’m not confident it’ll bounce if it gets tested again
A quick observation: around this time last year, it was still hovering around 0.30. Its all-time high was 1.69, so it’s now down 95% from the peak. Every time this kind of coin suddenly shoots up, people in the comments start shouting “the bottom is in,” but I’ve lost count of how many times it’s “taken off” this year 😅
My approach: if it can’t hold 0.067, I’m staying away. If I do want to look for a bounce, I’ll wait until it gets back above 0.075 and makes up at least half of last night’s drop. Meanwhile, BTC is still moving sideways around 78,000, so it’s hard for altcoins to rally on their own.
Do any of you still hold XPL? Are you planning to add at 0.067, or did you cut your losses ages ago and move on?
Just my personal opinion, not advice. Manage your own position 🙏
$XPL $BTC