EOS, Synthetix, XRP Price Movement Analysis for 4th April, 2021

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XRP cushioned losses at $0.57-support after getting rejected at the upper ceiling of $0.63. EOS attempted to reclaim the $6.08 resistance, while SNX was unlikely to sustain above $21.6 even if the price broke north over the coming sessions.


After recovering from lows of $0.4, XRP had a good month in March, posting returns of 30 percent. Although the price was dismissed at a high of $0.63, it gained help at $0.57 and avoided a further decline. This has been a recurrent trend since mid-March, but amid the occasional sell-off, the cryptocurrency has retained higher levels.

These moves indicated that XRP was not in an accumulating process, and that higher levels were possible if the bulls held on to the current support line. A bearish result was probable if the red bars on the Awesome Oscillator fell below the equilibrium level. This will highlight the funding level of $0.54. The RSI, on the other hand, pointed north from 53 and ruled out a breakdown.


Source: EOS/USD, TradingView

On the 4-hour timeline, support at $5.4 pushed EOS north as it sought to retake the area above $6.08-resistance and turn it to support. The RSI was pointing north from 60, indicating bullish momentum in the industry. On the drawback, the Awesome Oscillator was still bearish at the time of publication. The 24-hour trading volume dropped marginally but stayed healthy at more than $6 billion.

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Given the mixed signals from the indicators, it was difficult to forecast EOS’s short-term action. And if the market manages to crack upwards in the coming sessions, the amounts should be sustained to support higher levels.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix was trading near the $21.6 ceiling at the time of publication, supported by bullish technicals. The OBV recovered, whilst the RSI moved north from 60. On the downside, trading rates were poor, and it was unlikely that SNX would stay above $21.6.

The bulls’ long-term goal was $24.8, and maintaining that amount would possibly result in further increases towards the $27-mark.

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