RPX poised to break out?
Hello!
I've been watching Red Pulse (RPX) lately, and I notice it seems to be bottoming out. Check it out:
After steady declines by RPX (and basically every other coin existing) this week, RPX seems to have found some support around the $.20-.25 range. It has triple bottomed, each time finding solid support on decent volume. I think this coin is being vastly overlooked right now due to the bitcoin craze (as usual) and this could be a good buying opportunity, knowing that the support is strong.
One thing keeping me from buying is the weak True Strength Index (TSI). The stagnating line around zero shows a lack of momentum for this coin, which is a possible signal that this price stagnation may continue for the near future. However, it does seem to be trending upwards since it's lows a few days ago, which is a good sign. I will be watching it very closely over the next day or two, and a strong swing upwards on this index could signal a buy.
Overall, I think RPX can definitely be a good buy, as it has the potential to breakout with strong support and trending momentum. If it does break out, I can see it easily tripling it's price within weeks. This is a very interesting coin that I will have to keep track of in the coming days.
Before I end this, I want to ask you to comment and let me know your thoughts as well. Are you bullish or bearish and why? What do you think of my analysis? Do you think RPX is bottoming out, and do you think TSI is a good tool to use to determine so? If not, what are some tools you use? Please let me know what you think of RPX in the comments! I'd love to hear your opinion. I'm always looking to learn more, and I think this platform is a great way to do so. Thanks!
Fei