$XPL got nuked yesterday afternoon. One 4h candle wicked from 0.0862 to 0.0690 on about $92M of volume, and it's been bleeding sideways around 0.071 ever since, still -13% on the day.
On the NanoTrading Fire chart (4h) price is now sitting below the value area low (~0.073), with the POC way up near 0.077. The one thing holding it is a bright bid band at ~0.070-0.0705 right under price, the same zone that caught the wick.
The positioning is what bugs me. Top traders on Binance perps are ~74% long (ratio 2.79) while the overall crowd is close to flat at ~52%. OI dropped from ~575M to ~534M XPL in the dump, but it has already crept back to ~551M while price did nothing. Funding just sits at 0.005%. Fresh longs piling into a flat bleed is how you get one more flush.
My read: if 0.070 goes on a 4h close, I expect a quick sweep into the 0.068s. Reclaim 0.073 (VAL) and the bounce could run to the 0.077 POC, with heavier asks stacked at 0.080-0.081 after that. Until one of those breaks,
$XPL is just chop to me.
Is anyone here actually buying this 0.070 shelf, or waiting for the flush first?
NFA, just my read of the chart.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#XPL #Plasma #CryptoTrading #NanoTrading