Hey friends hope you are well and welcome the new update on Pundi X token.
The priceline is still moving in potential reversal zone of bullish Shark pattern, as this pattern I also showed in previous article.
The priceline broke out the resistance of the handle of the Cup & Handle pattern that I have already shown in my previous post as well. The priceline also tried to breakout the resistance of Cup but after being rejected by the resistance it is retraced at 0.786 Fibonacci level of Cup & Handle formation:
The priceline of NPXS has broken down the simple moving average 50 and 200 SMA as well. At this time the 50 SMA is moving down and likely to form a death cross with 200 simple moving average that can produce even more sell-off.
On daily chart after a waterfall crash the price action of Pundi X token has started its movement within a new down channel.
The priceline has also broken down EMA 10 and exponential moving average 21 as well.
On long term weekly chart the price action has been rejected by the resistance of Ichimoku bearish cloud. But so far the cloud is still giving bullish signal in future and if the price action will move here sideways then bearish cloud is also turning weaker. But in case more sell off the cloud can give bearish signals in future.
On the long term weekly chart the priceline is still moving above the potential reversal zone of bullish Butterfly pattern. I have been sharing this pattern several times in my previous posts as well. The sell targets as per Fibonacci sequence of bullish Butterfly pattern can be as below:
Sell between: $0.0003700 to $0.001010
Conclusion:
As the priceline of Pundi X is moving in down channel on daily chart and broke down the EMAs with the time period of 10 and 21 and turned completely a down trend. Therefore in order to change the trend from down to up on daily chart we need the closing above the EMAs and then a breakout from the resistance of down channel as well. These developments needed as soon as possible because the death cross between 50 and 200 SMAs on daily chart can lead to more powerful sell off that can lead to another waterfall crash.
The priceline is still moving in potential reversal zone of bullish Shark pattern, as this pattern I also showed in previous article.
The priceline broke out the resistance of the handle of the Cup & Handle pattern that I have already shown in my previous post as well. The priceline also tried to breakout the resistance of Cup but after being rejected by the resistance it is retraced at 0.786 Fibonacci level of Cup & Handle formation:
The priceline of NPXS has broken down the simple moving average 50 and 200 SMA as well. At this time the 50 SMA is moving down and likely to form a death cross with 200 simple moving average that can produce even more sell-off.
On daily chart after a waterfall crash the price action of Pundi X token has started its movement within a new down channel.
The priceline has also broken down EMA 10 and exponential moving average 21 as well.
On long term weekly chart the price action has been rejected by the resistance of Ichimoku bearish cloud. But so far the cloud is still giving bullish signal in future and if the price action will move here sideways then bearish cloud is also turning weaker. But in case more sell off the cloud can give bearish signals in future.
On the long term weekly chart the priceline is still moving above the potential reversal zone of bullish Butterfly pattern. I have been sharing this pattern several times in my previous posts as well. The sell targets as per Fibonacci sequence of bullish Butterfly pattern can be as below:
Sell between: $0.0003700 to $0.001010
Conclusion:
As the priceline of Pundi X is moving in down channel on daily chart and broke down the EMAs with the time period of 10 and 21 and turned completely a down trend. Therefore in order to change the trend from down to up on daily chart we need the closing above the EMAs and then a breakout from the resistance of down channel as well. These developments needed as soon as possible because the death cross between 50 and 200 SMAs on daily chart can lead to more powerful sell off that can lead to another waterfall crash.
