Technical analysis by Erald1 about Symbol XCH: Sell recommendation (7/23/2024)

The provided chart of the XCHUSDT perpetual swap contract shows that the price is approaching a significant support level around 19.43-19.23. The volume analysis indicates a bearish sentiment in the short term, as evidenced by the downward trend in volume sentiment and a net volume measurement of -3.075M, signifying stronger selling pressure compared to buying pressure. The current selling pressure has not been countered sufficiently to reverse the trend, suggesting that the price may continue to decline unless buying volume increases significantly.