$XCN Market Trend: Sideways Consolidation, Bearish Bias
Trade Signal
Entry 1 (Short): $0.01330 (Current zone - shorting the failed breakout)
Entry 2 (Short): $0.01342 (Short on failed retest of recent high)
TP1: $0.01308
TP2: $0.01274
TP3: $0.01250
TP4: $0.01225
Stop-Loss: $0.01350 (Above recent high)
Why This Trade?
XCN is currently in a sideways consolidation phase, with the Bollinger Bands contracting, indicating a low-volatility period. The price recently attempted a breakout to the upside but was met with strong selling pressure, leading to a rejection. This failed breakout suggests that the bears are currently in control and a short-term move to the downside is likely.
Support & Resistance Levels
Support: $0.01308 • $0.01274 • $0.01250
Resistance: $0.01342 • $0.01350 • $0.01400
Market Update for XCN (XCN)
XCN is currently displaying a neutral-to-bearish bias, with prices consolidating after a volatile move. The overall market sentiment for XCN is bearish in the short term, with traders anticipating a continuation of the downward move from the current range.
