PundiX / USD Technical Analysis: Possible Bullish Breakout
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- PundiX / USD is showing signs that a long-term price floor may be in place.
- NPXS / USD bulls need to force a breakout above its 2019 trading high.
- Medium-term technical outlook for the PundiX / USD is cautiously bullish above the 0.00080 level.
NPXS / USD Short-term price analysis
NPXS / USD is attempting to move higher in the short-term, with the cryptocurrency showing signs that a longer-term price floor may now be in place.
A bullish inverted head and shoulders pattern can be seen across the lower time frames with the neckline of the pattern located close to the 0.00080 level.
Technical indicators across the lower time frames are also turning higher and signaling that further upside remains the most likely scenario over short-term horizon.
Pattern Watch
A rounded pattern formation can also be seen, which compliments the inverted head and shoulders pattern. Rounded bottoming patterns typically provide strong indicators that a significant price floor in an asset has been found.
NPXS / USD H4 Chart (Source: TradingView)
MACD Indicator
The MACD histogram is starting to trend higher on the mentioned time frame, while a bullish crossover is underway on the MACD signal line.
RSI Indicator
The RSI indicator is bullish on the four-hour time frame and has yet to move into oversold conditions.
NPXS / USD Medium-term price analysis
PundiX is bearish over the medium-term horizon, although a sustained break above the 0.00080 level could change the current bearish outlook.
The daily time frame is closely mirroring the short-term, which shows that bullish momentum is growing and that a long-term price floor may have been established.
Technical indicators on the daily time frame are turning higher and have scope to run higher if the bullish momentum continues to gather pace over the medium-term.
A technical break above the NPXS / USD pair’s 100-day moving average should be watched, as it may provide a signal that a sentiment shift towards PundiX is underway.
Pattern Watch
The daily time frame clearly shows a potential bullish inverted head and shoulders pattern, although some caution is certainly warranted given that a number of cryptocurrencies are currently showing failed inverted head and shoulders patterns.
NPXS / USD Daily Chart (Source: TradingView)
MACD Indicator
The MACD histogram is turning higher on the daily time frame, while the MACD signal line is attempting to break to the upside.
Stochastic Indicator
The Stochastic indicator is attempting to turn up and has significant scope to run higher on the daily time frame if a bullish move occurs.
Conclusion
Despite the underwhelming performance of this cryptocurrency since June of last year, signs are emerging that a potential price floor may have been formed.
Traders should watch for a sustained bullish breakout above the 0.00080 level, although a degree of caution is advised, as the longer-term downtrend in the NPXS / USD pair is still underway and a key technical breakout has yet to occur.
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