Tron, Monero, Tezos, Synthetix Price Analysis: 20 March
Gains over the past 24 hours saw Tron rise to a multi-year high above $0.066. Monero was restricted below $238.6-resistance, while Tezos presented an upside at the $5-mark in a bullish outcome. Lastly, SNX showed signs of a recovery since the pullback in late-February.
An upwards breakout from an ascending channel saw Tron snap a local high at over $0.066, a level last seen in May 2018. Higher highs on the OBV showed strong buying pressure as the index moved in tandem with the price. Even though the RSI peaked in the overbought region, it pointed upwards and suggested a delayed stay in the upper zone.
Trading volumes were close to $4 Billion, which indicated the heightened interest in Tron. Additional gains can be expected in the short term if the indicators do not reverse their stance. On the other hand, a pullback would likely highlight $0.063-support.
Meanwhile, Tron was in the news after reports that Lindsay Lohan had selected the Tron network to issue her own NFT’s.
While Monero bulls regained the $226 level, the bears maintained the price below $238.8-resistance. In fact, the aforementioned resistance mark has prevented Monero from establishing a recovery on the 4-hour timeframe for nearly a month now. An ADX reading of 15 showed weakness in the market, but the index did point upwards at the time of writing.
The Awesome Oscillator showed rising momentum behind the bullish side. A rise above the current channel would present the next target at the $248.5 mark.
The RSI pointed north from 60 as Tezos eyed a move above $4.49 at the time of writing. The MACD was also in favor of the bullish side but indicated a degree of neutrality in the market. Nevertheless, the appearance of successive green candlesticks and the fact that the 50-SMA (blue) crossed above the 200-SMA (green) reflected bullish sentiment.
An upwards breakout would likely see XTZ head towards the $5-mark. Conversely, support at $4.08 would likely cushion losses in a bearish scenario.
The Parabolic SAR’s dotted markers moved below Synthetix and showed an uptrend as the price bounced back from $17.92 support. Gains over the last 24 hours now amounted to over 11% as SNX recaptured the $20-mark. The ADX pointed north from 25 and showed strength behind the recent price movement. The next target for the bulls lay at $22.47 and $24.73 resistance marks.
It would be interesting to note if the buyers could maintain the newly flipped resistance line in the event of a pullback. If the level is maintained, the price would likely favor the bulls in the medium-long term.