Synthetix, Binance Coin,Decred Market Analysis  9th January 2021

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At the time of publishing, Altcoins BNB and SNX displayed bearish signs as sellers retained market power, while DCR expected a northbound change after a marginal price decline.

Synthetix [SNX]

Source: SNX/USD, TradingView

After snapping an all-time high of $13.70, SNX experienced a small reversal that saw stocks move into their support at $10.82. A increase in market leaders BTC and ETH could once again lift SNX to record highs, but for now, the bearish trend could hold prices down to the bottom of their current channel.

The red bars of the Amazing Oscillator went below equilibrium, underlining the bearishness of the price.

On the other hand, the Chaikin Money Flow reported an uptick suggesting that the capital was flowing into the crypto asset. Inflows may prevent prices from dropping below their current level of support.

 

Binance Coin [BNB]

Source: BNB/USD, TradingView

The bullish trend of BNB persisted as the stock soared above the resistance to $41.70 and traded close to its all-time peak. Having touched the upper ceiling at $44.82, the sellers again took the price marginally lower for urgent assistance. Indicators indicate that market power could rest with sellers in the short term before the record level rebound is seen on the charts.

RECOMMENDED READ:  Tesla now accepts Bitcoin from US clients, according to Elon Musk.

The Stochastic RSI traded in the oversold zone, an indication that prices were bearish. Immediate market retrenchment is not a certainty, as the index was already heading downward, indicating that such bearishness could continue in the next few trading sessions.

The signal line of the MACD was travelling over the fast-moving line, while the red bar of the histogram remained steady below the zero level. This also suggested that rates could be exchanged close to their immediate help.

Decred [DCR]

Source: DCR/USD, TradingView

The Bitcoin Bull Run was rewarding for Decred, as DCR and the market leader soon climbed on the indexes. After reaching the local high at a little over $71, DCR marginally cooled down, and $58.24 of funding provided price relief. At the time of publication, the price of the coin was picked up again on the charts and transferred to their resistance at $66.86.

While the Relative Strength Index drifted downwards from the over-purchased area, a small uptick indicated that rates might once again trade in the upper region.

The On Balance Amount started to reach higher lows, an indication that bulls will continue to push prices up in the short term.

RECOMMENDED READ:  Algorand, Decred, XRP Price Movement Analysis for 17th March, 2021

 

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