Neucoin Price Key Highlights
- Neucoin’s price made a false break from the bottom of its range last week before bouncing back inside and starting an uptrend.
- Price is now trading inside a rising channel, indicating that buyers have taken control.
Neucoin’s price is now testing the top of its longer-term range around 0.000026 BTC, which is right around the top of the rising channel, as well.
Another Selloff Likely?
This confluence of resistance levels at the 0.000026 BTC mark could push Neucoin prices back into selloff mode, possibly leading to a downside break of the channel support and a drop to the long-term range bottom.
The stochastic oscillator is already on the move down from the overbought region, so Neucoin’s price might follow suit and head south. For now, the short-term 5 SMA is still above the longer-term 20 SMA, so there’s a chance that bulls might push higher.
If that happens, Neucoin prices could make a test of the top of the Bollinger Bands around 0.000027 BTC before buyers book profits. If this holds as resistance, a move towards the channel support at 0.000022-0.000023 BTC could be seen, and a break below this area could put prices on track towards testing the 0.00002 level.
On the other hand, a strong pickup in bullish momentum could lead to an upside break of the channel resistance and further gains for Neucoin’s price. At the moment, cryptocurrencies are resuming their climb against the US dollar, as investors anticipate a potential reversal during the FOMC statement this week.
The Fed is widely expected to hike interest rates mid-week, possibly spurring dollar strength. However, this reaction has been priced in for months, which opens the possibility of sudden reversals during the actual event, especially if policymakers reiterate that their tightening cycle will be a very gradual one or if they even decide to postpone their liftoff on account of the recent drop in commodity prices.
Charts from Cryptocompare.com