The altcoin market has shown that market bulls have been on the rise over the past week, with the same expected to continue in the next few days. Chainlink entered the region of demand at $25, while Synthetix met rejection at $27. At the end of the day, Verge turned the $0.019 mark of help, but this growth could be short-lived.
On the 4-hour map, LINK reported rising bearish momentum as the RSI fell below 50. At the time of publishing, it had a valuation of 40 and faced an area of demand in the $24.8-$25.8 range. This could see Connection bounce back to re-test the $27-level as resistance.
The imminent level of interest appeared to be $27, as a potential opposition, and $24.8, as support. A decline below $24.8 will see bears press lower and ascend to the $23.24 level of support.
The $23.24 amount has been checked as help several times since early February, and some on-chain metrics point to a drop in the number of Connection consumers, which, in turn, may see less demand and contribute to more losses.
For the better part of February, SNX was traded on a downstream channel, and a few days ago, a $27 technical target broke out.
SNX tested the $24-mark as a resistance, but its efforts to ascend even higher were rejected. Since then, SNX has gradually lost losses and lost $21 to bears. The MACD developed a bearish crossover and started to decline to demonstrate downward momentum.
For the next two days, the $19.7 and $18.5-$19 zones should be expected to act as reinforcement.
The upward trend had some confluence with the retracement stage at $0.019, and the market bulls were able to protect that level. Closing a $0.0189 trading session would certainly see XVG fall down to $0.0165, while a $0.021 breakthrough would be a buzzing development. Moving down was the most possible possibility, considering the general market conditions.
Even though the DMI has shown that the bullish trend is gathering momentum in recent days, the trading volume has been at odds with the rally. The Awesome Oscillator was going above zero, but it did not reveal any bullish powers.
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