Hi friends, hope you are well and welcome to new update on Pundi x (NPXS) token.
Breaking down the channel’s support:
The price action of NPXS has broken down the support of channel but still has good supports of 50,100 and 200 simple moving averages. The 50 SMA has also formed golden cross with 200 SMA.
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Resistance of Cup & Handle pattern:
On small time period 4-hour chart the price action has formed a resistance of Cup at $0.00021 after the formation of Cup & Handle.
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Bullish pennant and long-term resistance:
On weekly chart, the priceline of Pundi X has formed a bullish pennant and trying to breakout the resistance. There is a strong price level resistance at $ 0.0002350 as well.
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Harmonic BAT move:
On daily time period chart, the priceline of Pundi x is completing final leg of bullish reversal BAT pattern.
Ichimoku and Chop zone:
On long-term weekly chart, the price action has entered in Ichimoku bearish cloud and chop zone indicator is also turned strong bullish.
Conclusion:
On short term a bullish reversal is possible, but if this bullish move will be continued then it can be also helpful to breakout the bullish pennant on weekly chart and completely breaking out the Ichimoku bearish cloud as well.
Note: Above idea is for educational purpose only.
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