Polkadot, EOS, Synthetix Price Movement Analysis for 4th June

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With Bitcoin fighting its way back towards $37,000, the global cryptocurrency market has pared some of its losses in the recent 24 hours. Polkadot, EOS, and Synthetix all had modest purchasing resurgences on their respective charts. However, their markets remained volatile, with movement in either way possible in the coming hours.

Polkadot [DOT]

Polkadot retested this line at the time of writing after switching from support to resistance at $24.6. A bounce from $24.6 might lead to some higher momentum, with all eyes on the resistance zone between $28.5 and $31. A good breakout above this region might propel DOT to its May highs of $49, albeit a supply zone exists between $43.5 and $46.5.

However, negative momentum was gathering on the Awesome Oscillator, with support lines at $21.3 and $18.3. As market power swung to the sellers, the MACD line crossed below the Signal line.

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Source: EOS/USD, TradingView

EOS lacked the volatility to suffer significant losses, but the cryptocurrency ended up in the red as a result of a larger market drop. The constrictive character of the Bollinger Bands indicated that a market squeeze was in action, and EOS would most likely remain in its channel between $7.37 and $5.6.

If volatility rises in the next sessions, EOS might suffer significant losses, and investors should keep an eye on the demand zone between $3.57 and $4.56. If EOS breaks over $7.37, selling may return before the price reaches $10. An ADX score of 11 indicated a weak trend was in play, although the index had begun to rise at the time of writing.

Synthetix [SNX]

Source: SNX/USD, TradingView

Since the bitcoin sell-off on May 19, Synthetix has been under pressure. A glance at its 4-hour chart reveals a brief recovery from $9.3 to $15.3, but SNX was unable to maintain higher levels and fell towards $10.5. The most recent increase from $10.5 to $14 was greeted with selling pressure, and SNX was approaching its $12.2 support at the time of publication. As the candlesticks traded below their 20-SMA (red), 50-SMA (yellow), and 200-SMA, bearish circumstances became more evident (green)

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Buyers might reduce SNX losses between $9.3 and $10.6, but gains are likely to be limited to $14 unless Bitcoin reclaims important levels on its chart. The Stochastic RSI is approaching a bullish crossing in the oversold zone – A sign of temporary bullish resurgence. However, the Awesome Oscillator threatened to fall below half-mark as momentum lay with the sellers.

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