Connect with us


Chainlink, FTX Token, Synthetix Price Analysis: 01 March



Source: Pixabay

Chainlink was trading within a region of supply as bulls sought to flip it into an area of demand. Synthetix rose above the $18.5 mark as buyers stepped in, and FTX Token attempted to reclaim the $26.2 level as support.

Chainlink [LINK]

Chainlink, FTX Token, Synthetix Price Analysis: 01 March

Source: LINK/USD on TradingView

On the hourly chart, the RSI showed that the momentum was beginning to move back in favor of the bulls as it rose above the neutral 50 value. The highlighted region from $24.8 to $25.8 has been a region of supply in the past, with resistance at the $27 mark overhead.

Hence, flipping the $27 area to support will be a strong sign of bullish strength. The formation of a higher low compared to the previous one at $22.33 a few days ago is also an encouraging sign in the short-term.

FTX Token [FTT]

Chainlink, FTX Token, Synthetix Price Analysis: 01 March

Source: FTT/USD on TradingView

The MACD formed a bullish crossover and was on the verge of rising above the zero line to show short-term bullish momentum. FTT also rose above the $26.17 level of support.

The Stochastic RSI was in overbought territory and a small pullback from $26.57 could be seen. A retest of $26.17 can be used to place buy orders. Over the next few days, FTT bulls must defend the $26 area from any bearish pressure and also rise above the $28.59 level to begin a recovery for FTT.

Synthetix [SNX]

Chainlink, FTX Token, Synthetix Price Analysis: 01 March

Source: SNX/USDT on TradingView

Synthetix was trading within a descending channel, with attempted breakouts in both directions. However, at the time of writing the coin’s price has moved back within this channel.

Over the past few hours, the OBV noted an upward trend as SNX briefly dipped beneath the channel’s lower boundary but forced its way back in. The 8-period EMA (blue) was moving above the 20-period EMA (white) to show short-term bullish momentum.

The $18.2 area could be retested, and would make a good area to buy SNX at.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

A Biomedical engineering graduate, Yash focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.