Tron, Tezos, Synthetix Price Movement Analysis for 12th April, 2021

Tron was supposed to fall from its ascending channel, but only after it reached $0.139. Tezos could break down from a falling triangle, while Synthetix did not seem likely to reclaim the $22 level in the coming sessions.

Tron [TRX]

Source: TRX/USD, TradingView

Tron’s price fell on the 4-hour timeline after it was unable to flip $0.132 to an area of help. This momentum was already within an ascending channel, and a collapse could occur until the price reaches the upper barrier of $0.139. This was widely expected due to high trade rates over the previous 24 hours. The RSI stabilised at 57, indicating that the market was already bullish.

The MACD stayed above the half-line as well, though its histogram showed signs of waning momentum. If there is an early failure, $0.103 support could spark a positive comeback once more.

Tezos [XTZ]

Source: XTZ/USD, TradingView

Tezos 4-hour charts revealed the forming of a falling triangle after the market snapped lower highs after reaching north of $7. A bearish twin peak configuration on the Awesome Oscillator resulted in a dramatic change in bearish momentum. If its red bars fall below the equilibrium stage, XTZ will search for a break in its pattern.

For the time being, the Chaikin Money Flow stood above the half-line as capital inflows to XTZ stayed stable. Since the CMF was 0.16 at the time of publishing, the inflows could extend the breakdown for a few more sessions. Aid levels for a southbound switch were $6.04 and $5.6.

Synthetix [SNX]

Source: SNX/USD, TradingView

Over the last few days, Synthetix broke below $19.25, retested this level, and flipped it once again to a region of support. However, bigger tests awaited the bulls at resistance lines of $22.24 and $21.4. These two regions have denied a complete recovery since the late February pullback, and the present stance of its indicators suggest that the market may not yet be ready to make the climb.

After a bullish crossover in the MACD, it was still below the half-line. In reality, the ADX was pointing south from 30, indicating that the bulls were losing ground in the sector. Weak trade rates sure didn’t assist in making a positive forecast. Though SNX can reclaim the region above $20, it will remain limited below the $22-mark in the short term.

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