Recently watching the XPL contract chart, to be honest, it's a bit frustrating. The price is stuck around $0.13, unable to go up or down, and the entire market exudes a sense of impatience waiting for a breakout.

From a technical perspective, the bullish and bearish signals are indeed conflicting. First, let's look at the bearish side: the price is being firmly suppressed by several important moving averages (EMA10 around 0.1474), forming a real resistance. The daily chart also doesn't show any clear trend; instead, it looks like it's trapped in a sideways range, repeatedly rubbing against boundaries with no direction.

But the bulls are not silent either. The 14-day RSI has already fallen to around 27.5, a typical oversold zone. What does this mean? The selling pressure might be weakening, and there is an increasing demand for a short-term rebound. Also, look at the KDJ's J line, which has rapidly risen from a low point; the MACD histogram is showing signs of turning red — these short-term indicators are hinting that bullish momentum is gradually recovering.

To simplify the situation: medium- and short-term moving averages are pressing down on the price, but the oversold short-term indicators are hinting at a rebound. For contract traders, key levels are quite clear. The strong resistance zone above is between 0.1420-0.1490 (previous highs combined with dense moving averages), and the solid support below is around 0.1205 (a recent bottom that has been repeatedly touched).

Until there is an effective volume breakout on either side, rather than chasing after rises or panicking at drops, it’s better to trade within this range with a buy low, sell high rhythm. The risk-to-reward ratio at the moment suggests that waiting for a clear direction is much more prudent than making impulsive bets.