Platinum Price Plummets: Is $3,100 Still Possible?

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Platinum Price Tests Support as Analysts Watch Longer-Term Upside

According to TradingView, the price of XPT/USDT was around $1,979.90 on the 30-minute chart. The price has stabilized after falling quickly from its peak earlier in the week.

Experts are currently trying to determine if the recent price drop will lead to further declines, or if it represents a temporary dip before prices start to rise again. Elephant Capital believes the potential for platinum to reach $3,100 still exists, but the price might fall a bit further before a significant turnaround happens.

Platinum Slides Below $2,000

As a crypto investor keeping an eye on other markets, I’ve noticed platinum’s recent price action. It had a good run earlier this week, jumping from around $2,040 to over $2,160. But that momentum didn’t last, and it’s been steadily dropping since then – it’s been a slow grind downwards after that initial push.

The price of XPT began to fall more quickly on May 15th, dropping below both $2,040 and $2,000. After this significant decrease, the price stabilized in a narrow range around $1,980. While selling slowed down at this level, buyers hadn’t yet shown strong signs of pushing the price back up.

As I’ve been analyzing the chart, I’ve noticed that prices are making lower highs after reaching their peak, which suggests a fragile short-term trend. However, looking closely at the price action around $1,980, I’m seeing that the selling pressure seems to be easing up compared to the initial downturn.

After the price stabilized, trading activity initially surged during the price drop, but then slowed down. This suggests the first round of selling is over, and traders are now waiting to see if the price will rebound from its current low.

MACD Shows Weak But Slowing Momentum

Currently, sellers have the upper hand, as indicated by the MACD still being negative. It recently registered around -3.1, with its signal line at -2.9. The difference between the two lines, shown by the histogram, is very small, suggesting momentum may be slowing.

It’s still too early to say if the price will definitely start going up. However, the recent market activity suggests the selling pressure is easing, as the histogram is showing less negative momentum than during the recent drop.

The first thing buyers need to do is get the price of platinum back above $2000 and keep it there. If the price falls below $2000, it suggests the recent price drop was just a temporary dip, not the start of a bigger decline.

If XPT doesn’t regain lost ground, sellers could continue to drive the price down, potentially testing lower support levels. This aligns with Elephant Capital’s belief that the price might fall to a lower range before finding stronger support and stabilizing.

Analysts Watch Retest Before Upside

According to Elephant Capital, platinum is still expected to reach $3,100 or higher in the long run. However, the analyst believes the price will likely dip lower first, potentially testing and falling below its recent low, before it can begin to rise again.

The current expectations seem to match what the recent price chart shows. While XPT has dipped from a recent high, it’s still generally trending upwards.

Kyle Doops previously pointed out that metals were starting to look promising, specifically mentioning silver (XAG), platinum (XPT), and copper (XCU). His analysis showed platinum had dropped significantly but was now stabilizing around a key moving average, suggesting it remains an important player in the broader metals market.

Currently, the key price levels for XPT are apparent. It needs to recover $2,000 to build some upward momentum. If it doesn’t strengthen, traders might wait for a further price drop before deciding if platinum can reach the longer-term target of $3,100.

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2026-05-16 23:24