Cryptocurrency
by Alex Davies on October 31, 2018

Pundi X Analysis – disappointing start with more disappointment on the way

Pundi X is a relatively new cryptocurrency which was introduced to the markets only a few months ago. As a result, the asset wasn’t able to ride on the bullish wave the markets experienced at the end of the last year. Furthermore, the creators of the cryptocurrency failed to price it accurately and almost as soon as the trading began, the price of the asset started to plummet.

Pundi X Analysis - disappointing start with more disappointment on the way

After the price slid down to a certain level, it started to exhibit two trend continuation patterns, which are shown with blue and black lines. After the first pattern, there was a bearish breakout and the price dropped sharply. The second pattern still has to unfold, but we expect a similar outcome for it as well. After the price of the asset breaks the line of the flag, a sell signal will be triggered as a sharp drop is expected.

By Alex Davies

Alex Davies is a long-time trader with a background in statistical analysis. Davies has worked as a financial analyst since 2014 and has been writing technical analyses for various publications since 2015. Davies writes on different financial instruments including stocks, cryptocurrencies and currency pairs.

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