- Neutron price is trading inside a range, extending from $0.954 to $1.416.
- A breach of the range’s midpoint at $1.182 could trigger a 22% rally to $1.416.
- Invalidation of the bullish thesis will occur on a twelve-hour candlestick close below $0.54.
Neutron (NTRN) price has been consolidating inside a range for nearly two months. The recent NTRN move hint at a continuation of the ongoing upswing.
Also read: APT, CYBER, SAND, APE tokens to experience unlock waves next week
Neutron price ready to move higher
Neutron price action created the $0.954 to $1.418 range in mid-December 2023. Since then, the range low was swept first and was followed by a range high sweep. Following this move on January 5, NTRN slowly bled 41% from its local top at $1.683 to $0.991.
After a base formed here, Neutron price kickstarted its next leg, which has resulted in nearly 15% move in the last three days. As NTRN approaches $1.182, the aforementioned range’s midpoint, investors need to be cautious of a potential breakout.
Typically, consolidations tend to produce a volatile move from the midpoint of the formed range. There is an added benefit for NTRN due to the positions of the Relative Strength Index (RSI) and Awesome Oscillator (AO).
The RSI and AO have flipped above their respective mean levels at 50 and 0, signaling a surge in bullish momentum for NTRN.
Therefore, investors can expect Neutron price to kickstart an explosive move over the weekend, which could potentially tag the range high at $1.416 after a 22% upswing.
NTRN/USDT 12-hour chart
While the outlook for Neutron price remains bullish, NTRN could get rejected at $1.182, which could lead to a minor pullback. If this development occurs and the conditions are still right, it would be a good buy-the-dip opportunity.
However, if NTRN continues to bleed and produces a twelve-hour candlestick close that flips the $0.954 support level into a resistance level, it would invalidate the bullish thesis. In such a case, Neutron price could drop 14% and tag $0.854.
Also read: Solana Price Prediction: Is SOL ready for a breakout?
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.