NPC Bouncing Amid Strong Market Wide Recovery
Jump into the latest NPC price analysis and unpack Non-Playable Coin’s strategic meme coin cool-off – does consolidation leave NPC poised?
Just last week, we wrote a price analysis on Non-Playable Coin, aka. NPC token and explored why it might have been time for it to cool off amid impressive performance while the rest of the market was pulling back. It’s been a week, so let’s see how it looks now!
Revised my $NPC chart this morning, came to the conclusion, HOLY FUCK it looks bullish!
– Bouncing off D100 MA strongly on every touch since Nov 2023.
– Deviate below support.
– RSI neutralSend it to valhalla. pic.twitter.com/0db4Rl5XJA
— VikingXBT (@VikingXBT) July 15, 2024
Before starting off, it would be advised to read the article 99Bitcoin’s analysts wrote last time about NPC, as some of the terms used in this article are explained there, and this analysis also develops on the support and resistances identified there. You can find it here!
NPC Price Analysis: Support and Resistances
(NPC USDT – Support and Resistances)
If we start off by looking at the support and resistances we plugged in the last time, we can see that $0.01405 did not really hold up as support, but the price quickly recovered after going below.
This is called a deviation. A deviation is simply when the price goes below support or above resistance and quickly recovers. That’s a bullish sign!
A Look into NPC Price Moving Averages
Adding on the moving average, I have made one change from the last time I wrote about NPC. I changed the moving average from 30 to 100 to give us a better overview in the long term.
We can see that NPC has not been below the 100 moving average since November 2023, and on every touch, the price has made strong moves up. The same thing happened a few days ago, a touch of 100 moving average and a strong move. SUPER bullish!
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A look into the Relative Strength Index
(NPC USDT – Relative Strength Index)
Adding on RSI we can sense a little bit of weakness as we talked about last time, with the price rejecting a move above the 50 RSI. But we can also gather some strength in not being able to go into an oversold area.
What we want to see next is a reclaim of the 50 RSI level, and then simply being able to get into the overbought area would be a good move to start off with.
As we know, Elon Musk loves NPC
The degree to which the media are NPC drones is amazing to watch
— Elon Musk (@elonmusk) July 9, 2024
One thing contributing to the growth of NPC lately could also be Elon Musk continuously engaging with NPC memes on his platform X. We saw this previously with Dogecoin, which went onto one of the largest rallies ever in crypto; maybe NPC will pull a similar move due to Elon.
To close it off. When we look at everything put together, we see that the price is deviating below support, reclaiming it quickly and bouncing strongly.
We have NPC price bouncing daily of 100 moving averages, and RSI is neutral. Put together, all in all, this looks like a short-term bottom, and the next target could be $0.02686 resistance.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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