Harmonic Butterfly Pattern Forming for Validation
On the 4-hour chart of the XPL token. The pattern has gradually formed over recent weeks, with a point X at $0.4345, followed by a significant pullback to A, then a bounce to B before a correction down to point C at $0.3454.
This corrective phase laid the groundwork for the pattern. Since this point, Plasma has shown consistent progression, materializing the CD wave, a key stage that could drive the price toward the Potential Reversal Zone (PRZ) if the structure confirms.
The token is currently trading just below the 50-period moving average ($0.3779), considered short-term resistance. The 100-hour MA, located at $0.4087, constitutes the next technical obstacle. A confirmed break above these moving averages would signal the continuation of the CD wave and open the path to new bullish targets.
Plasma: Up to 27% Bullish Potential
If buyers maintain control above the key moving averages, the harmonic pattern projects a target zone between $0.4611 and $0.4950, corresponding to the Fibonacci extensions of 1.272 and 1.618. These levels define the PRZ, where this type of pattern typically completes.
In practical terms, a rise to $0.4950 would offer a potential gain of 27% from current prices, a plausible scenario if bullish momentum intensifies and volume confirms the trend.
On the risk side, a break below the 50-hour MA could lead to a consolidation phase before any new impulse. The critical defensive zone remains around point C ($0.3454): Losing this support would invalidate the harmonic pattern and could trigger a short-term correction before a possible resumption.
📈 How to Buy XPL on Bitget?
The market is heating up for Plasma: This could propel XPL toward new highs.
Bitget purchase guide with exclusive bonus:
- Create your Bitget account
- Make a deposit or buy USDT
- Search for the XPL/USDT token
- Place your buy order
- Monitor the $0.4611 – $0.4950 zone for taking profits
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