XPRT has formed a textbook inverse head and shoulders pattern, pointing to a potential bullish breakout from its prolonged downtrend.
The neckline at $0.055 marks a strong resistance zone, and a clean breakout could lead to a rally toward $0.07–$0.08.
Volume surge and support from ongoing trading activities on Cede Labs and KuCoin could add momentum to confirm the bullish reversal.
$XPRT is showing a textbook inverse head and shoulders pattern on the 12-hour chart, hinting at a bullish reversal. The structure suggests a potential breakout if momentum continues building above the neckline zone.
Classic Bullish Reversal Pattern Forms
The inverse head and shoulders pattern, shared by BitBull (@AkaBull_), outlines a typical bottoming structure following a prolonged decline. This formation consists of three low points — a lower head flanked by two higher shoulders. It marks a possible transition from bearish pressure to bullish momentum.
https://twitter.com/AkaBull_/status/1953069471259869657
The left shoulder formed in mid-June with a dip near $0.040. The head developed in early July with the price reaching approximately $0.032. The right shoulder has gradually taken shape from late July into early August, marked by higher lows, suggesting fading selling pressure.
The neckline, positioned around $0.055, has emerged as a critical resistance area. This zone has seen multiple rejections in recent sessions, indicating its strength. A sustained breakout and close above the $0.055–$0.057 range would confirm the pattern and likely trigger a new bullish phase.
Breakout Target and Volume Indicators
According to BitBull’s chart analysis, the measured move target following a breakout points toward the $0.07–$0.08 range. This is calculated by projecting the vertical distance from the head to the neckline upward from the breakout point.
The structure also suggests a potential breakout–retest–continuation move, a common sequence in technical setups. For added confirmation, traders are closely watching for a volume spike during the breakout, which would reinforce the momentum. If a breakout occurs, a retest of the neckline might follow before continuation.
Price failing to hold above the $0.042 level — the right shoulder low — could invalidate the setup.
Momentum Supported by Market Conditions
Additional momentum could come from external factors. BitBull notes the ongoing trading contest on Cede Labs and lower trading fees on KuCoin as contributing elements to increased trading activity.
These developments, paired with the bullish chart structure, indicate that $XPRT may be preparing for a move toward higher price levels. Traders continue to monitor for breakout confirmation and potential short-term upside to $0.07–$0.08.