XRP, EOS, Synthetix Price Anaylsis: 04 April

XRP, EOS, Synthetix Price Anaylsis: 04 April

XRP cushioned losses at $0.57-support after getting rejected at the upper ceiling of $0.63. EOS attempted to reclaim the $6.08 resistance, while SNX was unlikely to sustain above $21.6 even if the price broke north over the coming sessions.


Source: XRP/USD, TradingView

Having recovered from lows of $0.4, XRP saw a favorable month of March and posted gains of 30% during this time period. While the price did get rejected at a strong ceiling of $0.63, it found support at $0.57 and avoided a further sell-off. This has been a recurring theme since mid-March but the cryptocurrency has maintained higher levels despite the occasional sell-off.

These movements suggested that XRP was not in an accumulation phase and higher levels could be forthcoming if the bulls hold on to the present-support line. If the red bars on the Awesome Oscillator do slip below the equilibrium mark, a bearish outcome was possible. This would highlight support at $0.54. On the other hand, the RSI pointed north from 53 and denied a breakdown possibility.


Source: EOS/USD, TradingView

Support at $5.4 boosted EOS north on the 4-hour timeframe as it attempted to reclaim the region above $6.08-resistance and flip it to support. The RSI pointed north from 60 and showed bullish strength in the market. On the downside, the Awesome Oscillator still sided with the bearish side at the time of writing. The 24-hour trading volumes dipped lower but were still healthy at over $6 billion.

Considering the mixed signals from the indicators, it was hard to predict EOS’ short-term behavior. Even if the price did manage to break upwards over the coming sessions, the volumes should be maintained for higher levels.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix moved towards the ceiling of $21.6 at the time of writing, backed by bullish technicals. The OBV showed a recovery, while the RSI pointed north from 60. On the downside, the trading volumes were at lower levels and it was unlikely that SNX would sustain itself above $21.6.

The long-term target for the bulls resided at $24.8, and keeping hold of that level would likely result in additional gains towards the $27-mark.

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Published at Sun, 04 Apr 2021 20:30:47 +0000