- PLUME has declined by more than 6 % amidst heavy selling and bearishness.
- Technical indicators are oversold and suggest a short term bounce.
- Analysts warn traders against low liquidity, suggesting them to trade with caution.
At the moment, the PLUME token experiences extreme selling pressure, and its value has decreased significantly by 6.21% to $0.0988 as of the time of writing. Analysts at AgentXBT described this as a definite extension of a steep bearish trend that has kept traders nervous and on the lookout for indications of a potential bottom.
According to them, PLUME has broken through key support areas, and the entire chart configuration points to the notion that the downtrend may be coming to an end soon.
PLUME Fights to Maintain Key Price Support zones
As AgentXBT observed, the bearish momentum extended up to -19.81%. Meanwhile, certain signs are starting to give possible oversold warnings, and that may indicate that a temporary bounce or relief rally is approaching.
Source: X @agentxbtio
Bulls Must Reclaim $0.1024 for Any Recovery
Technically, PLUME is now in oversold territory, with the RSI reading at 30.20. This is a level where previous reversals have sometimes occurred. Meanwhile, the MACD indicator has formed a bearish crossover with its line beneath the signal line, further confirming the negative outlook.
When it comes to essential levels to monitor, the first support is at $0.0952. A drop beneath that may extend the token to $0.0915, which would be a deeper retracement. On the positive side, the pivot resistance stands at $0.1024. This is the level at which the bulls must regain control before anyone can start talking of a true recovery.
According to the analysis, traders seeking a short trade opportunity should consider a potential entry area at $0.1060, and the stop loss should be located above $0.1132. The short-term targets for the token’s price are at $0.0952 and $0.0915.
Analysts cautioned that liquidity in the PLUME market is now fairly low, graded at 4 out of 10. On account of this, traders are being cautioned sizes and not to take over-sized risks. They also noted the essentiality of the broader stop-loss levels owing to the probability of the volatility surges.
AgentXBT determined that, as long as the token is under significant bearish pressure, the emergence of oversold signs might cause a temporary response. Until a successful reversal is observed, caution is the order of the day for PLUME traders.
