Analysis
Tron, Synthetix, DigiByte Price Analysis: 31 December
After a few weeks of substantial price movement on the charts, many of the market’s altcoins are now seeing their values stabilize. In the past 24-hours, altcoins like Tron and Synthetix saw their prices settle down, while Digibyte fell by over 8 percent.
Tron [TRX]
Source: TRX/USD, TradingView
Tron, at the time of writing, occupied the 17th spot on CoinMarketCap’s list, with the alt trading at a price of $0.026. TRX registered a market capitalization of over $1.9 billion and had a 24-hour trading volume of $1 billion. The coin registered a strong resistance level at $0.025 and a substantial resistance range between $0.028 and $0.030.
The Bollinger Bands continued to slowly expand, indicating higher price volatility for Tron. The MACD indicator underwent a bearish crossover and highlighted the possibility of an upcoming price correction.
Synthetix [SNX]
Source: SNX/USD, TradingView
Synthetix enjoyed a good price run over the past week as its trading price appreciated by close to 10 percent. However, in the last 24 hours, the said momentum disappeared. The coin, at press time, traded between the support at $7.090 and $8.61. At press time, Synthetix was being traded at $7.45, with the cryptocurrency noting a market cap of $816 million.
The MACD indicator had undergone a bearish crossover and at press time, a reversal seemed possible as the MACD line climbed towards the Signal line. The Stochastic indicator was also emerging out of the oversold zone and was heading in the opposite direction, which may be a good sign for the coin’s price.
DigiByte [DGB]
Source: DGB/USD, TradingView
DigiByte, currently ranked 56th on CoinMarketCap’s list, had a market capitalization of $345 million at press time. The last 24-hours saw DigitByte’s price take a massive hit as it fell by close to 9 percent. At the time of writing, it was being traded at $0.024 and was close to testing the support at $0.023. If an uptrend were to occur, DGB will soon be faced with resistance around the $0.029-price point.
The Bollinger Bands, after having expanded substantially, were slowly contracting to signal lower levels of volatility for DGB’s price. The Stochastic indicator, however, seemed to have fallen dramatically into the oversold zone – indicating an upcoming price drop.
