$XPL has got an interesting combination of chart patterns waiting to resolve — FALLING WEDGE (breakout point around $0.37, confluence with the yellow 50 MA) and BEARISH PENNANT, which has already broken to the downside with a retest.
The breakdown is targeting $0. This is quite rare, but in the past, I’ve seen two or three coins that had a bearish pattern breaking down toward zero — and they ended up being rug pulls. Lol.
Probably not in this case, but this is crypto — never say never.
All in all, bearish outlook, DOWNTREND, and a clear negative Elliott Wave count showing a wave target at (you guessed it) nearly zero again — independently of the pennant.
For a bullish reversal, we definitely need to see stronger volume — it’s been pathetic so far — and FALLING WEDGE breakout, followed by a reclaim of the $0.40–$0.42 support/resistance zone.
Kicking myself for investing so early in this #Plasma thing ($1.1 average price). Still not a dead project at all — but the charts are looking awful for now.
💙👽
The breakdown is targeting $0. This is quite rare, but in the past, I’ve seen two or three coins that had a bearish pattern breaking down toward zero — and they ended up being rug pulls. Lol.
Probably not in this case, but this is crypto — never say never.
All in all, bearish outlook, DOWNTREND, and a clear negative Elliott Wave count showing a wave target at (you guessed it) nearly zero again — independently of the pennant.
For a bullish reversal, we definitely need to see stronger volume — it’s been pathetic so far — and FALLING WEDGE breakout, followed by a reclaim of the $0.40–$0.42 support/resistance zone.
Kicking myself for investing so early in this #Plasma thing ($1.1 average price). Still not a dead project at all — but the charts are looking awful for now.
💙👽
