PundiX / USD Technical Analysis: Firing Up
Share this article
- PundiX remains bullish in the short-term with the pair edging closer to a major technical breakout
- The medium-term technical outlook for PundiX is neutral
- Price is trading above the cryptocurrencies 100-day moving average for the first time since November 2018
PundiX / USD Short-term price analysis
PundiX remains bullish in the short-term, with the cryptocurrency edging ever closer to a major technical breakout on the four-hour time frame horizon.
Price has recently moved closer to the neckline of a bullish inverted head and shoulders pattern on the mentioned time frame, which if broken could see the NPXS / USD pair explode higher.
Technical indicators across the four-hour time frame are starting to turn lower after traders failed to move price above the neckline of the bullish pattern.
NPXS / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should continue to watch the large inverted head and shoulders pattern on the four-hour time frame as it is dominating the short-term trading action.
MACD Indicator
The MACD histogram is starting to trend down on the four-hour time frame as price corrects lower in the near-term.
RSI Indicator
The RSI indicator is also turning lower on the four-hour time frame although the indicator still trades above neutral.
PundiX / USD Medium-term price analysis
PundiX has shifted its medium-term bearish bias and now has a neutral medium-term outlook. The cryptocurrency has grown increasingly bullish over the last few days and is now trading above it’s 100-day moving average for the time since November last year.
The daily time frame is also showing price moving closer to the neckline of the inverted head and shoulders pattern, although a confirmed breakout has yet to occur.
NPXS / USD Daily Chart (Source: TradingView)
Pattern Watch
If bulls trigger the inverted head and shoulders pattern the cryptocurrency is likely to explode to the upside.
MACD Indicator
The MACD histogram remains neutral as traders await a breakout move or a technical reversal from current levels.
Relative Strength Indicator
The RSI indicator is bullish also it is starting to lose upside momentum on the daily time frame.
Conclusion
From a technical perspective, PundiX shows tremendous upside potential if bulls can ignite the bullish head and shoulders pattern across the four-hour and daily time frames.
Bullish traders should watch for sustained daily price closes above the cryptocurrencies 100-day moving average to signal further gains, while bears should watch for weakness under the pair’s 200-period moving average on the four-hour time frame.
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
