XPL Drops 14% After Pump: What’s Next for Plasma?
Plasma (XPL) has recorded a sharp decline after its recent rally. The token is now priced around $0.75, reflecting a 14% drop in the last 24 hours and 23% over the past week.
The move follows a brief push that took the price as high as $1.07 in the past seven days.
Price Back at Support Area
Meanwhile, the price has returned to a support range between $0.74 and $0.78, where previous consolidation and a rising trendline converge. This area acted as a base for the last upward move. The 0/8 Murrey Math Line at $0.78 also aligns with this zone, suggesting it remains a level of interest.
Source: TradingView
The Relative Strength Index (RSI) on the 4-hour chart is now around 30, placing it in oversold conditions. Early signs of a possible reversal are visible, but there is no confirmation yet. If the trendline and support hold, buyers may step in. If not, lower levels around $0.68 and $0.59 could come into play.
Futures Open Interest Holds Above $1B
XPL futures Open Interest is currently around $1.09 billion, up sharply from below $300 million in late August. The jump began during the late September rally, when the price climbed toward $1.6. During that move, Open Interest peaked, suggesting strong trading activity and high positioning.
Source: Coinglass
Although both price and Open Interest have come off their highs, the current level shows that traders remain active. The chart reflects that a large number of positions are still open, which may keep price movement volatile in the short term.
Analyst Says Market Now Finds Fair Value
Crypto analyst Duo Nine posted a breakdown of XPL’s recent activity. He said,
He added that with the pump phase over, the market is now moving to “find the real price of XPL.”
Data shows XPL hit its all-time high of $1.68 on September 28, while the all-time low of $0.72 came just days before. With current price action testing that same range, traders are watching to see if support holds or if further decline follows.
The post XPL Drops 14% After Pump: What’s Next for Plasma? appeared first on CryptoPotato.
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