Binance Coin, Coin, Stacks, Synthetix Price Movement Analysis for 6th April, 2021

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Binance Coin experienced bullish price action as it reached $400. Coin fluctuated within a narrow spectrum. Synthetix has recovered a crucial level in the path to recovery, while a jump below $1.7 could see Stacks fall to the $1.4 level.

Binance Coin [BNB]

At the time of writing, there was some resistance at $350, but a break above this amount allowed Binance Coin to get close to $400. Trading levels have also increased in the last 24 hours. Despite a bearish variance on the RSI, the market trended higher on the 4-hour timeline.

The RSI did settle in the upper zone, and a turnaround could see BNB stable at $350-$360 before resuming its upward trajectory. The MACD line crossed over the Signal line, emphasising the latest bull market. In the event of a sharp downturn, the $300 range is likely to be retained.

Synthetix [SNX]

Source: SNX/USD, TradingView

At the moment, the altcoin industry seems to be split into two parts. The first was making fresh lows as part of the recent alt boom, while the second was recovering from a wider market pullback in late February. Synthetix belongs to the latter half when the market had not yet hit near-two-month highs. On the plus hand, a turnaround from the $15.8 support stage made some additional gains after the price flipped $21.5 to a support area.

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The OBV showed consistent purchasing pressure, and the Stochastic RSI was in the upper range. Although the press time help level could be checked in the event of a pullback, defending this level would allow for more gains in the coming sessions. Coin [CRO]

Source: CRO/USD, TradingView

The Bollinger Bands for Coin remained compressed as market turnover remained low. The past week’s rangebound activity signalling that a breakout was unlikely in the near term, but an increase in trading volumes was a hopeful indicator.

The MACD was bullish-neutral, but the histogram showed some deterioration in momentum. A drop below $0.19 was supposed to be defended by the bulls, and $0.162 could provide openings for long trades. Furthermore, the long-term forecast remained positive, with record peaks possible during CRO’s next rally.

Stacks [STX]

Source: STX/USD, TradingView

The alt rally greeted Stacks as a new entrant, joining a list of altcoins that were already on the rise. In reality, STX’s year-to-date returns of 370 percent indicated that it had already outperformed some of its peers. STX’s steady growth in February and March helped it to ascend the crypto-ladder, though the price remained subdued as the month of April approached. Latest reports of a listing on a South Korean exchange may have contributed to the most recent breakout, as STX gained nearly 90% in a single day.

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On the 4-hour timeframe, the price fell after reaching $2.6, but it was difficult to pinpoint a support level for the cryptocurrency. The RSI fell below the overbought zone and began to decline from 62, while the MACD approached a bearish crossover. Support was found at $1.7 and $1.4, but a drop below these levels was also possible.

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