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Pundi X was trading with a bullish bias around $0.3846 as buyers focused on undoing losses recorded over the last two four-hour trading sessions. Technical analysis revealed that the recent sell-off could offer traders a chance to buy the altcoin at a discount as it appeared primed for an upswing.
Pundi X Bulls Optimistic Of Uptrend
PUNDIX price action had formed a bullish cup-and-handle pattern on the four-hour chart, setting itself up for a bull run. At press time, the Pundi X price exchanged hands above the $0.383 demand zone.
The first hurdle in the Pundi X price way was the 50-period simple moving average (SMA) which sat at $0.3859. Additional barriers would emerge from the $0.390 psychological level, the 100 SMA at $0.3908, and the 200 SMA, which was sitting at $0.3943.
In highly ambitious cases, PUNDIX could scale higher to reach the technical target of the governing chart pattern at $0.3952, representing a 2.82% climb from the current price. Market participants could expect the price to consolidate at this level for a few hours.
PUNDIX/USD Four-hour Chart
The Relative Strength Index (RSI) was tipping upwards, suggesting that the bulls were returning to the market. Note that Pundi X’s upward movement would display increased strength once the RSI crosses the midline into the positive region.
The most probable invalidation of the bullish scenario is if the price drops from the current levels to produce a daily candlestick below the handle’s low at $0.3841. If the price breaks below this area, the optimistic thesis would be void, and the PUNDIX price would likely fall to seek solace from the $0.380 psychological level, which is the cup’s bottom, resulting in a 1.18% decrease from the current levels.
PUNDIX Alternatives
Those seeking Pundi X must wait for a decisive close above the cup’s neckline at $0.3877. Before this happens, investors could turn to new cryptocurrency in presale with promising returns on investment in 2023.
One such crypto is yPredict (YPRED), a new AI crypto project that aims to provide data-driven insights to help traders make informed decisions and reduce risk.
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