$XPL is currently trading around 0.0863 on the 4H chart and the short-term structure still looks slightly bearish after the sharp rejection from the 0.1232 high. Since that spike, sellers have been making lower highs while price continues to trade below the 25 MA (0.0924), which is acting as dynamic resistance.
The key support zone sits around 0.0825-0.0850, backed by the lower Bollinger Band near 0.0827 and the 99 MA around 0.0856. As long as bulls defend this area, we could see a relief bounce toward 0.0905 and then 0.0965.
On the upside, a clean break above 0.0965 would improve momentum and open the door toward 0.1050-0.1110. On the downside, losing 0.0825 could trigger another leg lower toward the 0.0750 region.
Volume has cooled after the earlier rally, so traders should watch for a volume expansion before expecting a meaningful breakout. For now, I’d call the trend cautious-to-bearish with support holding the key.
The key support zone sits around 0.0825-0.0850, backed by the lower Bollinger Band near 0.0827 and the 99 MA around 0.0856. As long as bulls defend this area, we could see a relief bounce toward 0.0905 and then 0.0965.
On the upside, a clean break above 0.0965 would improve momentum and open the door toward 0.1050-0.1110. On the downside, losing 0.0825 could trigger another leg lower toward the 0.0750 region.
Volume has cooled after the earlier rally, so traders should watch for a volume expansion before expecting a meaningful breakout. For now, I’d call the trend cautious-to-bearish with support holding the key.