Dogecoin spiked in response to an Elon Musk tweet before plummeting. Ethereum surpassed its previous high, and the rising ETH/BTC saw altcoins do well in recent days. Synthetix has slowly grown to $21.43 and could grow even more despite a slight dip.
Dogecoin [DOGE]
Source: DOGE/USDT on TradingView
It’s difficult to evaluate a coin that has a 23 percent candle after Elon Musk’s tweet pledging to put “a literal Dogecoin on the literal moon.” DOGE was trading below resistance at $0.054 prior to Musk’s tweet, and in the hours following it, it rose to as much as $0.071 until settling at $0.0594 at the time of publishing.
Since DOGE was unable to convert $0.062 to support, it is likely that DOGE would decline to $0.054 in the coming days. The Amazing Oscillator suggested bullish traction behind DOGE, but trading volume was once again trending downward, suggesting that DOGE’s high interest has waned in recent hours.
Ethereum [ETH]
Source: ETH/USD on TradingView
At the time of publication, ETH had surpassed its previous high of $2042 and was valued at $2102. It had been coiled inside a triangle pattern for the previous month and had broken past a supply area at its previous ATH.
Even on the 4-hour chart, the RSI had risen above the 70 mark. Ether’s CME futures had settled at $2028 for the weekend. As a result, an ETH pullback to the $2000-$2050 range is expected in the coming days before the next leg upwards.
The 27 percent Fibonacci extension stage based on ETH’s increase from $905 to $2041 is currently at $2542.
Synthetix [SNX]
Source: SNX/USDT on TradingView
The Stochastic RSI was in overbought territory and fell when SNX fell from $21.4 to $20.82 at the time of publishing. The Stochastic, coupled with the rejection at resistance, suggested that SNX could decline lower to the $20.4-$20.6 area of demand before resuming its upward trajectory.
If SNX dips that low, the $19.7 support level would definitely be a buying opportunity- the OBV over the last week shows high buyer interest, and pullbacks are to be purchased in this situation.
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