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Tron and Compound have registered substantial losses in recent days, with TRON gaining nearly 40% in 48 hours. Synthetix was selling below a supply zone, but demand was steadily emerging and could push its prices higher.
COMP developed a descending triangle pattern in orange during the month of March. The defending of the $340 area, as well as the recent breakout past the declining trendline, suggested that COMP could hit the triangle’s peak of $525 in the coming days.
The Chaikin Money Flow has been above +0.05 for a few days now, and the ADX (yellow) on the Directional Movement Index has risen above 20 in the last few hours. This suggested that a clear uptrend was underway.
If COMP flips $451 to help, the next stages of resistance are $471 and $526.
Synthetix was not particularly confident in the stocks, as it was entering a supply zone despite jumping off $16 after a month-long downtrend. In the last few days, there has been more buying than sale, according to the OBV.
The MACD has risen above zero, signalling that bullish momentum is building. SNX, on the other hand, would need to smash into the $18.5-region of supply to demand before seeking to break through to the $20-region. A retest of this region due to demand would be a reasonable time to buy.
TRX showed a bullish difference between price and sentiment on the 4-hour chart a week ago. This was followed by a jump to $0.66, which had previously been a degree of resistance in March. For a few days, the price stayed below this amount, but an influx of heavy demand sent TRX soaring towards $0.097.
TRX was in a pullback at the time of publishing, and the Fibonacci levels of retracement at $0.082 and $0.077 can be expected to act as supports. Also after the $0.082 pullback, the RSI stayed above 70, suggesting that a deeper retracement was likely. A retest of $0.071 will be a perfect place to start a new long spot.