Neucoin Price Key Highlights
- Neucoin’s price has been trending higher on short-term time frames, but it looks like a quick pullback is in order.
- Prices recently broke past a resistance level around 0.000025 BTC and zoomed up to a high of 0.000033 BTC before showing signs of a correction.
Neucoin’s price is now testing the broken resistance at 0.000025 BTC, and this might hold as support, sending it back up to the previous highs later on.
Technical Indicators Signal a Bounce
The stochastic oscillator is on its way down, which means that sellers are still in control of Neucoin price action, but the oscillator is already approaching the oversold region. Once it reaches that level and turns higher, buyers could get back in the game and push for gains.
A larger correction could last until the bottom of the previous range around 0.000022 BTC before the uptrend resumes. Stronger buying pressure could even push the Neucoin price to new highs past 0.000033 BTC, depending on how the Bitcoin price fares in the next few weeks.
The price is also stalling around the middle of the Bollinger Bands, which might provide weak support for Neucoin. The bands are getting wider, reflecting a pickup in market volatility.
The line in the sand for any correction is the bottom of the Bollinger Bands just above the 0.000020 BTC level, as a break below this region could indicate that a downtrend is underway. A bounce off this area could spur a rally back to the middle of the range at 0.000025 BTC.
Event risks lined up this week support the pickup in volatility since the Fed is set to hike interest rates for the first time since the 2008 financial recession. This could set off strong moves across various financial markets, as investors price in the potential implications of higher borrowing costs on economic performance and risk sentiment.
Charts from Cryptsy, courtesy of Cryptocompare