Bitcoin SV, Cosmos, Synthetix Price Movement Analysis for 29th March, 2021

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Cosmos has moved away from a descending channel and is now testing $19.9-resistance. Bitcoin SV was expected to climb above the upper barrier of $224.1, while Synthetix was expected to move sideways from $15.8-support.

Cosmos [ATOM]

Losses in the last two weeks totalled almost 30 percent when Cosmos dropped following a sell-off from $24.5. On the 4-hour timeline, a descending channel emerged, and losses were eventually cushioned at $16.96-support. This resulted in a small rally as the cryptocurrency reclaimed the $19.94-$18.47 channel, an environment that has already seen some purchasing action.

The Awesome Oscillator indicated that momentum was high and on the bullish side, as the green bars went over the half-line. If the ADX rises above 25, the price which break north of its overhead resistance and advance towards the next ceiling at $21.4. A rise in 24-hour trading volumes could indicate a breakout, and this must be monitored in the coming sessions.

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Bitcoin SV [BSV]

Source: BSV/USD, TradingView

For the last few weeks, Bitcoin SV has largely oscillated between $224.1 and $189.2. At the time of publishing, the price was trading above the $196.7 support level and showing positive momentum on the 4-hour scale.

The indicators, on the other hand, indicated that stronger signals were needed to endorse an increase above the upper limit of $224.1. Despite the fact that the index was pointing north from 50, the RSI was in neutral territory. Although the MACD line stood above the Signal line, the index was below equilibrium, not necessarily an indication of bullish power.

 

Synthetix [SNX]

Source: SNX/USD, TradingView

Though Synthetix experienced positive action in the first few days of March, the price dropped steadily after hitting a high of $23.7. The lowest point seen during the month was close to $15.8-support, an amount seen during the late-February pullback. Gains were supposed to be suppressed in the coming sessions as the candlesticks pushed well below their 200-SMA (green). However, the existing price level offered an incentive for traders to purchase SNX at a cheaper rate.

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The indicators suggested that the economy was in a state of equilibrium, and that short-term restructuring was possible. The Amazing Oscillator was bullish-neutral, and the MACD axis followed the Signal line.

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