PundiX / USD Technical Analysis: Takeoff

2019-4-5 17:38

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.

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