EOS, SushiSwap, Synthetix Price Movement Analysis for 16th March, 2021

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EOS managed to recover the 38.2 percent Fibonacci amount, but will need to negotiate any selling pressure to retain the level. SushiSwap cut its loses at the $19.18-support stage, which coincided with the 50-SMA. Finally, after a retest of its lower trendline, SNX returned to its descending triangle.

EOS

Source: EOS/USD, TradingView

With a rise of more than 6% in the last 24 hours, EOS has pushed closer to the 38.2 percent Fibonacci retracement stage of $4.1. Trading volumes increased to more than $2.7 billion, and the OBV observed an increase in purchasing activity. Finally, the Amazing Oscillator gathered bullish momentum after shaping consecutive green bars.

Taking into account all of the constructive market signs, EOS can be projected to climb above its overhead resistance in the near term. However, the bulls will need to negotiate some selling leverage in order to retain the 38.2 percent pace in the future.

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SushiSwap [SUSHI]

Source: SUSHI/USD, TradingView

SUSHI lost more than 16% of its worth in just two days after falling from record highs. At the time of publication, the losses were contained at $19.18, which corresponded to the 50-SMA (blue). If SUSHI breaks through this stage, it will most likely travel towards its 200-SMA and $17.24-support. However, a decline into the lower level will almost definitely trigger some purchases in the market after a period of stabilisation.

The Chaikin Money Flow tracker shows that SUSHI was keeping above its press time support, amid capital fleeing the cryptocurrency. The MACD line won some ground on the Signal line, while the histogram indicated that bearish momentum was fading.

 

Synthetix [SNX]

Source: SNX/USD, TradingView

After the bulls denied the breakout, Synthetix retested the lower trendline and returned to its descending channel pattern. Furthermore, at the time of publication, the metrics were marginally biassed to the bullish hand. After a bullish crossover, the Stochastic RSI climbed over the oversold region, while the MACD’s histogram observed a drop in bearish momentum despite the Signal line going above the fast-moving line.

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However, the market continued to be reasonably healthy, though a collapse was still likely given the low trade rates. In the event of a bearish result, the support level at $15.89 might provide some relief.

 

 

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