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EOS is expected to find good support in the $6.8 range. If Bitcoin stabilises above $60.5k, altcoins will be able to rebound in the coming days. Otherwise, the market will be under much more selling pressure. Maker and Synthetix have made gains in recent days, but they are expected to retrace a large portion of their value.
EOS was traded within a rising channel, and the price recently tested the channel’s upper boundary before slipping lower.
Bearish momentum took control of the channel’s midpoint. A demand zone existed only above the $6.8 level. The intersection with the channel’s lower boundary could provide good support for EOS.
The RSI was back at neutral 50 and would drop lower to signal a change in momentum to bearish over the next day or two, particularly if EOS closed below $6.8. This might cause EOS to decline even more, reaching support at $5.6.
Two sets of Fibonacci retracement ratios were plotted to illustrate certain MKR-relevant levels. MKR has been trapped at $2,400 since late February and has just recently moved beyond it. The price surged past this stage in recent days, and it did not pause at several points to mark it as support or opposition.
As a result, the transition back down should be nearly as fast, and some of the Fib levels indicated potential areas of support for MKR.
The MACD was correcting lower after the MACD line went over the Signal line, indicating that the sector was overbought.
Synthetix ascended above the $21. 4-mark of resistance, but a retest of the same level on the basis of heavy selling caused the stock to fall to $20.7 and could fall lower. On the 4-hour, the Supertrend indicator continued to offer a buy signal, which would only be flipped to a sell signal if the session closed below $19.5.
The 20 and 50 day moving averages (white and yellow, respectively) have demonstrated the bullish momentum behind SNX in recent days, with the market not yet falling below these moving averages.
The OBV was rising, implying that the latest wave of selling was due to reactionary panic rather than persistent selling.