Maker, Monero, Synthetix Price Movement Analysis for 14th April, 2021

Spread the love

 302 Interactions,  8 today

Maker did not seem to be able to break through its $3,105 resistance level just yet. Monero shaped yet another symmetrical triangle, with a breakout potentially reaching $370. Finally, Synthetix wanted to break through $22.3 and $24.1 to return to late February prices.

Maker [MKR]

Source: MKR/USD, TradingView

Maker was in the same boat as SNX, but its revival had already begun, with the stock approaching its late-February highs. At the time of publishing, the price had risen north from the critical 50 percent Fibonacci retracement mark, retested it, and resumed its northbound course on the 4-hour timeline.

As buying volumes exceeded sale volumes, the OBV was pointing north. As the price hit the 78.6 percent Fibonacci retracement mark, this was a good indication. The MACD, on the other hand, was closing in on a bearish crossover, whilst the histogram showed diminishing momentum. This meant that the bulls would run out of steam before attempting a breakout.

RECOMMENDED READ:  Binance Coin, MATIC, IOTA Price Movement Analysis for 16th June, 2021

In any case, the stock did not seem to be able to break through the $3,105 resistance level quite yet.

Monero [XMR]

Source: XMR/USD, TradingView

Monero saw a powerful upcycle after breaking north from a significant support mark, reaching $239.05. In particular, XMR shaped a symmetrical triangle prior to the breakout, with returns from the upper trendline to the rally’s peak totalling more than 50%. (not shown). After the price rendered higher lows and lower highs from the $342 range, another symmetrical triangle emerged on the 4-hour timeline. If the next breakout might not be as strong as the last, a bullish result is still possible.

In the event of another price swing, an ADX reading of 38 indicated the existence of bullish momentum in the economy. The OBV had been trending lower in recent days, but there was some buying at the time of publication. A breakout from this trend could reach $360 or even $370, but trading volumes were insufficient to sustain this result.

RECOMMENDED READ:  Litecoin surges over $200 to create its own new height among 10 top cryptos

Synthetix [SNX]

Source: SNX/USD, TradingView

Although some alts have peaked during the current boom, Synthetix has struggled following the wider market’s pullback in late February. A downward sloping trendline was eventually crossed during the first week of April, which was a good indication for the rest of the month’s trajectory. The main support thresholds are $22.3 and $24.1, and both must be broken for a bullish rebound to occur.

The RSI showed a bearish divergence after SNX was refused at the upper limit of $22.28. At the time of publication, the RSI was in neutral territories. The MACD seemed to be making a comeback above the half-line, yet another fall could occur before the SNX’s next upswing.

  • 1

Leave a Reply

Contact Us