Dash, Binance Coin, Synthetix Market Analysis  17th January 2021

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Binance Coin was aiming to revisit $38.72 when the market struggled to remain above its current resistance. Dash formed a symmetrical triangle on the charts and presented the prospect of a breakout above $135.69 of resistance while SNX changed direction and dropped by more than 12 per cent after touching record highs.

Dash [DASH]

Source: DASH/USD, TradingView

At press time, Dash blinked red as stocks exchanged at $121.84, down by 3.87 percent in the last 24 hours. A look at the 4hr chart revealed that the market had formed a symmetrical triangle, and a breakout could be seen in the next few trading sessions. The bullish result could see the selling price of the coin climb above its immediate resistance, targeting a $135.69 jump over the next resistance. On the other hand, a downward breakout might see the coin move below the $113.1 support.

The Stochastic RSI moved to oversold territory and signaling a possible pullback if the index reverses course.

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The Parabolic SAR’s dotted markers were below the candlesticks and indicated that the price action was in an uptrend.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin retested $41.8 and pushed lower when the bulls struggled to increase rates to $44.82 in resistance. Prices could revisit the $38.72 support if the slide extends over the next few trading sessions. If the price increases, the upside will be $44.82. However, indications supported bears and indicated that a step towards urgent assistance might be a possible outcome.

The MACD was on the brink of a bearish crossover as the signal line eyed a leap over the fast-moving line.

The Amazing Oscillator agreed with the MACD and suggested that the momentum was moving against the wolves.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix reached an all-time high of $17.24 but fell by more than 12 percent in the last few trading sessions. For now, losses have been shortened to $14.63 in protection, but a dip below the existing defense will confirm a bearish pullback.

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The Relative Strength Index pointed down from the neutral zone. If the index moves to the oversold zone, the price could follow suit and drop to $13.41 in support.

The MACD experienced a bearish crossover when the price dropped from record highs. The red bars on the histogram indicated the possibility of more price negatives.

 

 

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