$XPL Testing Supply after a Vertical Advance... Momentum Losing Steam as it Approaches Resistance
Short
Entry: 0.0845 & 0.0865
SL: 0.0955
TP1: 0.0800
TP2: 0.0760
TP3: 0.0710
XPL has seen a sharp impulsive run-up starting from the 0.064 level and it is now correcting itself just under a significant resistance level at 0.092. Failure to break out despite numerous attempts indicates weakening buying pressure, and there are signs that sellers may begin taking profits. This pattern usually sets up for a correction before proceeding with further movement.
The bearish trading setup holds until price fails to move higher above 0.092. A failure here would likely see a move towards lower support areas and a break down below the current consolidation area. Conversely, a breakout above 0.092 would void this trade.