PundiX / USD Technical Analysis: Takeoff
![pundix-analysis-apr5 Pundi X has waited for full consolidation and the price is now launching up](https://static.cryptobriefing.com/wp-content/uploads/2019/04/02095210/pundix-analysis-apr5-400x210.jpg)
Share this article
- PundiX has a bullish short-term trading bias, with the cryptocurrency moving to a fresh 2019 trading high
- The NPXS / USD pair is now testing towards its 200-day moving average
- The daily time frame shows a large inverted head and shoulders pattern
PundiX / USD Short-term price analysis
PundiX is growing increasingly bullish over the short-term, with the NPXS / USD pair recently advancing to a fresh 2019 trading high.
The strong rally in the NPXS / USD pair has created a bullish inverted head and shoulders pattern on the four-hour time frame with a sizeable upside projection.
Technical indicators across the four-hour time frame remain bullish and continue to signal further near-term gains.
NPXS / USD H4 Chart (Source: TradingView)
Pattern Watch
The overall upside objective of the bullish pattern on the four-hour time frame would take the NPXS / USD pair towards the November 19th trading high.
Relative Strength Index
The RSI indicator is bullish on the four-hour time frame and is currently issuing a buy signal.
MACD Indicator
The MACD histogram is starting to trend higher on the mentioned time frame, with a bullish MACD signal line crossover currently underway.
PundiX / USD Medium-term price analysis
PundiX is attempting to turn bullish over the medium-term horizon, with the NPXS / USD pair testing its 200-day moving average for the first time this year.
The daily time frame is showing that bulls are starting to probe the neckline of a bullish inverted head and shoulders pattern with a large upside projection.
The upside projection of the bullish inverted head and shoulders pattern on the daily time frame would take the NPXS / USD pair towards the November 16th swing-high.
NPXS / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note that an even larger inverted head and shoulders pattern could take shape on the daily time frame if the NPXS / USD pair reaches the November 16th swing-high.
Relative Strength Index
The RSI indicator has turned bullish on the daily time and is pointing to further upside in the NPXS / USD pair.
MACD Indicator
The MACD indicator on the daily time frame is bullish and is generating a strong buy signal.
Conclusion
After an extended period of price consolidation, PundiX is once again attempting to break out to the upside on both time horizons.
If bulls can ignite the inverted head and shoulders pattern on the daily time frame the cryptocurrency could stage a strong rally that would help to form an even larger bullish pattern.
For a brief introduction to PundiX, check out our coin guide.
Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.
Share this article