Cardano, Synthetix, VeChain Price Movement Analysis for 7th September, 2021

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Many altcoins in the market have seen bearish momentum. Cardano, Synthetix, and VeChain all saw a drop on their respective charts.

Cardano dropped 2.5 percent and was expected to settle near its support level of $2.49. Synthetix traded just above its $12.49 support level and threatened to fall below it in the coming trading sessions. VeChain, too, lost while consolidating and was heading south towards its one-week low of $0.124.

 

Cardano (ADA)

ADA saw a 2.5 percent drop in the last 24 hours, indicating a declining trend. It was trading at $2.64 and was approaching its nearest support zone of $2.49. Additional support lines are expected at $1.96, which would be ADA’s nearly three-week low price point; above that, the alt might remain on $1.39.

On the 4-hour chart, ADA stayed negative. The Awesome Oscillator showed red signal bars. After nearly two months, the Relative Strength Index was still in the oversold zone.

Following a bearish crossover, the MACD histogram showed red bars.

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If purchasing strength returns to the market, the currency may retest the $3.04 price level.

 

Synthetix (SNX)

Cardano, Synthetix and VeChain Price Analysis: 07 September

SNX/USD, TradingView

SNX has dropped significantly in the previous 24 hours and is now trading at $12.50. It was priced directly above its immediate price floor of $12.49. If SNX falls below $12.49, it could trade near its weekly low of $11.07. An additional support line was available for $8.87.

As buying strength diminished, the Relative Strength Index fell quickly from the bullish zone to below the half-line. For the first time this month, the indicator fell below the half-line. MACD experienced a bearish crossover and displayed a red bar on its histogram.

Bollinger Bands remained separated, signalling that market volatility may increase in the coming trading sessions. In the event of an increase, SNX might trade near the $14.37 barrier level, which is also the token’s four-month high price.

 

VeChain (VET)

Cardano, Synthetix and VeChain Price Analysis: 07 September

VET/USD, TradingView

VET fell 0.7 percent in the last 24 hours and was trading at $0.138. It was unable to hold above the price level of $0.139. VET could trade around its one-week low of $0.124 if it falls below its present price level.

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The market’s technical characteristics pointed to bearish price action.

The Relative Strength Index was in the negative zone, just below the 40-point line, which it had last reached more than a week ago. This indicated that the market was experiencing a lack of purchasing pressure.

MACD flashed red bars on its histogram after a bearish crossover. Capital inflows were also down, and the Chaikin Money Flow was below its half-line. VET’s initial resistance, on the other hand, was $0.151.

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