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The price of the altcoin Neutron (NTRN) has been consolidating within a range for about two months, suggesting an upcoming rise. The cryptocurrency Neutron charted a price movement between $0.954 and $1.418 in mid-December 2023. Since then, the lower range was swept followed by the sweeping of the higher range. After this movement, on January 5th, altcoin NTRN experienced a 41% drop from its local peak of $1.683 down to $0.991.
Indicators Point to Momentum Buildup for Altcoin NTRN
After forming a base, the Neutron price initiated its next move, resulting in an approximate 15% movement over the last three days. As altcoin NTRN approaches the midpoint of the mentioned range at $1.182, investors should be cautious of a potential breakout.
Consolidations typically tend to produce a volatile move from the midpoint of the formed range. The positions of the Relative Strength Index (RSI) and Awesome Oscillator (AO) provide additional benefits for altcoin NTRN. RSI and AO, rising above their respective average levels of 50 and 0, indicated an increase in bullish momentum for the cryptocurrency NTRN.
Expectation of an Upward Surge
Therefore, investors can expect the altcoin Neutron price to initiate an explosive move over the weekend and potentially tag the high range of $1.41 after a 22% rise.
While the outlook for altcoin Neutron price maintains a bullish trend, NTRN could face rejection at the $1.182 level, leading to a minor pullback. If this development occurs and conditions remain favorable, it could signify a good buying opportunity for investors.
Risk Factors and Invalidity Levels
If the cryptocurrency NTRN continues to bleed and produces a twelve-hour candlestick closure that turns the $0.954 support level into resistance, the bullish thesis will be invalidated. In such a case, the altcoin Neutron price could drop by 14% and reach $0.854.
As of writing this article, we see that the altcoin NTRN price is trading at the $1.16 level. The NTRN price has shown an increase of 2.67% in the last 24-hour period.
