Dogecoin, DigiByte, Synthetix, Tezos Price Movement Analysis for  3rd March, 2021

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Popular Meme Coin Dogecoin appeared to be in the delivery process, when the sale of pressure gathered steam. DigiByte was unable to break through its period of press resistance as purchasing interest remained subdued. Synthetix managed to travel north on the charts at the back of a heavy bullish momentum. Finally, Tezos recorded a breakout along its horizontal channel, with trading volumes rising over the last 24 hours.

Dogecoin [DOGE]

The emergence of short candlesticks on the 4-hour chart and the sluggish activity over the past week has reflected a lack of confidence in the Dogecoin industry. Although the present scenario appeared unlikely about a month earlier, it is likely that the blockchain is approaching the circulation process since the coin was traded across a span of time. This was demonstrated by the fact that DOGE formed lower levels after rising to record levels.

The Awesome Oscillator favoured the purchasing side marginally, but the momentum was poor. The ADX Indicator pointed south of the 10-mark and demonstrated the absence of a clear demand pattern. In the short term, we should expect DOGE to maintain its range-bound actions. In the case of a bullish situation, a resistance of $0.063 may be reached.

DigiByte [DGB]

Source: DGB/USD, TradingView

Gains for DigiByte were essentially limited to the $0.063-price range after it tried to climb above its $0.048-supported post-Bitcoin pullback over a week ago. The On Balance Volume illustrated the sell-off as a low-level metric on the charts. The index also showed a lack of purchasing pressure over the last few sessions.

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Even though the MACD line was moving above the Signal line, a break above the press time resistance appeared unlikely given the poor trading volumes of DGB. However, an increase in volumes may be a buoyant result for DGB to go on.

 

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix bounced back sharply from the $16.6 support and rose by more than 40% after reaching the above mark. The Awesome Oscillator depicted a heavy bullish movement as SNX climbed the charts. The Bollinger Bands marked the beginning of a dramatic market shift after the bands started to diverge a few days earlier. Even if the candlesticks traded on the upper band, the pullback will depend on the condition of the wider economy.

In the case of a price reversal, the market bulls will hope to keep SNX above its press time support level in order to retain price control.

Tezos [XTZ]

Source: XTZ/USD, TradingView

Tezos burst over its horizontal channel on a four-hour timeframe after the market soared by more than 8 per cent in the last 24 hours, followed by an increase in trading rates. The breakout could signal the end of the stabilisation cycle for XTZ, after a market shift of between $3.8 and $3.2 per week. However, the breakout needs to wait for validation over the next few trading sessions.

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The Stochastic RSI peaked in the over-purchased area, but could stay in the Upper Territory for a longer period of time, despite a pick-up in the wider market. The Chaikin Money Flow soared above zero and lent weight to an ambitious forecast. A hike above its immediate overhead resistance appeared possible, but a greater impetus was required to break the $4.5 resistance.

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