Plasma (XPL) is currently experiencing significant bearish pressure, with its price taking a notable hit over the past 24 hours. Traders are closely monitoring key support levels as the cryptocurrency grapples with downward momentum across various timeframes.
Immediate Price Action & Hourly Outlook
The past 24 hours have seen Plasma (XPL) decline by a sharp 10%, reflecting a concerted effort by bears to control the market. On the hourly chart, XPL recently breached a crucial local support level at $0.7036. Should the daily trading bar close definitively below this mark, analysts suggest a potential continuation of this downward trend, pushing the price towards new lows.
Broader Bearish Signals & Key Levels
Looking at longer timeframes, the outlook for XPL remains decidedly bearish. For daily traders, the focus is on how the current candle closes relative to yesterday's low. A close below the $0.70 threshold would strongly indicate an ongoing correction. From a midterm perspective, while the situation is less clear due to XPL's recent exchange listing, a weekly candle closing below $0.8282 would likely solidify bearish control over the market. At press time, XPL is trading at $0.6750, underscoring the current downward trajectory.
