Back to collectionA Monthly High at $0.833 Gives Way to a Pullback
Several days of improvement had people in the chat talking about higher prices again, although Sisyphus's $0.90 sell order had still not filled the day before. XAI touched $0.833 during the day, its highest level of the month, then fell back. The monthly high showed that the price had tested a higher level; the pullback left the rebound, for now, without momentum to continue.
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Several days of improvement had people in the chat talking about higher prices again, although Sisyphus's $0.90 sell order had still not filled the day before. Today's question was whether buyers would remain after the rally pushed the price up.
XAI touched $0.833 during the day, its highest level of the month, then fell back. Some were quick to treat the high as the start of a reversal. The narrator saw that enthusiasm for buying at higher prices did not last and wrote, “The rebound ends here.” Sisyphus checked his order, which the price had never reached, and did not count the fleeting high as a reduction of his position.
The monthly high showed that the price had tested a higher level; the pullback left the rebound, for now, without momentum to continue. The next question was whether buyers would step in after the retreat, rather than what number appeared briefly at the top. Sisyphus's sell order was still waiting for another approach.