Litecoin, Ethereum Classic, Synthetix Price Movement Analysis for 17th April, 2021

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Litecoin and Synthetix traded between ascending networks, but a bullish wider market could postpone the breakdowns in the coming sessions. As the failure occurs, LTC could fall towards $300, while SNX could fall to $18.4. Ethereum Classic saw a bearish divergence and was supposed to settle at $40 or below before the next upswing.

Litecoin [LTC]

Large caps have been pumped recently as a result of a bullish Bitcoin. Litecoin, the world’s ninth-largest cryptocurrency, seems to have cashed in on the boom as well, with losses of almost 40% in the last seven days. On the 4-hour maps, an ascending channel with a high of $330 was visible. Although a southbound split is normally seen from this trend, optimistic cues from the wider market can prevent this from happening, at least in the short term.

The ADX was pointing north from 33, indicating a clear demand trend. According to the Awesome Oscillator, momentum was also on the buyers’ hand. It was unclear when a pullback would occur, but when it did, certain support thresholds rested at $300 and $280.

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Ethereum Classic [ETC]

Source: ETC/USD, TradingView

After trading rangebound between $9.7 and $14.2 in March, Ethereum Classic switched to an upcycle that saw a 123 percent spike in the last seven days alone. As traders joined in on the rally, the movement quickly drew interest in the crypto industry. This was apparent as the 24-hour trade rate surpassed $12.2 billion, almost $7 billion higher than the third-largest cryptocurrency, Binance Coin.

However, a pair of red candlesticks emerged on the 4-hour timeframe, raising the question of whether ETC’s new uptrend had come to an end. A look at the 1-hour timeline revealed a gradual decrease in the previous few hours. Returning to the longer timeline, the RSI established a bearish divergence by making lower highs. A similar divergence was observed on the OBV, which had dipped at the time of publication. On the plus side, a pullback at $40 or $36 could be cut short, and ETC will most likely resume its northbound movement after stabilisation.

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Synthetix [SNX]

Source: SNX/USD, TradingView

On the 4-hour chart, Synthetix shifted within an ascending channel, and a breakdown could occur in the coming days. This was most likely to occur at the $24.1 resistance level, which had recently been ignored by sellers. Despite the fact that the MACD showed a bearish convergence, capital inflows remained stable, according to the Chaikin Money Flow.

This dispute could work in the bulls’ favour, but a breakdown was always planned. In the event of a bearish result, levels to watch out include $18.45 and even $15.4.

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