Hey friends hope you are and well welcome to the new update on NPXS. This is a wonderful week for the Pundi X as it has surged more than 90% in just 3 days.
the basic reason behind this bullish move announcement that they are going to launch XPOS Merchant PayPal App on 14th July 2020.
https://twitter.com/PundiXLabs/status/1277873154484912129
- PundiXLabs
The up channel has been broken out:
If we take a look at the live daily chart then price action was moving in an up-channel since March 2020. After the announcement on 30th of June on the very next day the price action started moving up and surged more than 90% and broke out the resistance of the channel. At this time the price action is retesting the resistance of the channel as support:
The SMAs are broken out:
Since 3rd July 2019 the price action was moving below the 25, 50, 100 and 200 simple moving averages but now the price action has broken out all these SMAs. This is really a very big development by Pundi X pricline. Now it has very strong support of all these four SMAs. Now these SMAs can work as a long-term support for the price action of NPXS.
Ichimoku cloud on long term started turning bullish:
Now if we take a look at the long-term weekly chart and place the ichimoku cloud indicator. Then it can be clearly observed that the lagging span of ichimoku cloud indicator has crossed up the priceline and the conversion line has formed the bull cross with the baseline. Therefore we can expect that soon the cloud will be also burned bullish and the price action will soon breakout this cloud as well. Once the price action of NPXS will be able to cross up the cloud then it can work as a very long term support for the priceline of Pundi X and it can start a long-term bullish rally.
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Conclusion:
on the short and midterm price action of NPXS is strong bullish. However, on the long-term it is weak bullish. We can expect that soon it will be turned strong bullish on the long term as well. However, at this time the price line has strong resistance of the ichimoku cloud. If it will be not broken out then the price action can move back to the previous support level.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.