$XPL (4-hour): TRIPLE BOTTOM breakout attempt has FAILED

Last night before bedtime I made a post about an attempted TRIPLE BOTTOM breakout on XPL but decided to stand by and wait for a retest.

And that was an ace decision as it turns out, the BREAKOUT has failed miserably. Huge selling volumes appeared as the US Stock markets opened in blood.

What's really worrying here, at least short term is the OBV profile which has been nose-diving, and that confirms heavy DISTRIBUTION. I did mention last night that I was concerned about the coin's tokenomics. For a reason, it seems.

The TRIPLE BOTTOM support is $0.82 and that's EXACTLY where the only cluster of LONG LIQUIDATIONS is located (see the attached HEATMAP).

So, to put it simply, the market structure remains BULLISH, just had a HIGHER high, and if the price puts in a higher low, then there is a potential LONG entry on another breakout above the triple bottom's neckline ($1.035).

And I will skip it, these gigantic red volume candles are also a massive red flag for me.

Keeping the spot holdings intact, once the distribution is over, it should do well. It's an investment for Q4 as far as I'm concerned💙👽

#XPL #Plasma