Neucoin Price Key Highlights
- Neucoin price has been sliding lower, mostly driven by bitcoin price strength in the past few days.
- This has taken price all the way down to its lows for the month at 0.000021, at which profit-taking might take place and pave the way for a quick bounce.
Neucoin price could see a bit more upside from here, especially if traders book profits off their positions by the end of this month.
Technicals Support a Bounce
Technical indicators are also suggesting that a bounce might be in order, as the selloff is overdone. Stochastic is in the oversold region, which means that sellers need to take a break while buyers might take over. In that case, neucoin price could rally back up to the nearby area of interest at 0.000023.
Further gains past that point could spur a climb all the way to the 0.000026 resistance level or the top of the range for this month. Increased bullish pressure might even spur a breakout from that level and a stronger uptrend for neucoin price.
The short-term 5 SMA (red) appears to be making an upward crossover from the longer-term 20 SMA (green), suggesting that a rally is in order. Stochastic is also turning higher, indicating a return in bullish momentum.
However, if sellers refuse to give up, a break below the previous lows of 0.000021 could yield a drop to the next major support at 0.000020 or a longer-term selloff for neucoin price. A long red candle closing below the current lows could be enough to confirm that bearish momentum is very much in play.
Bitcoin price is facing further upside at the moment, suggesting that downward pressure could keep affecting neucoin price in the coming days. Any reversals for bitcoin could allow the neucoin support levels to hold, but the path of least resistance is to the downside.
Intraday support level – 0.000021
Intraday resistance level – 0.000023
Technical Indicators Settings:
- 5 SMA and 20 SMA
- Stochastic (14, 3, 3)
Chart from Cryptocompare.com