Tron, Tezos, Synthetix Price Analysis: 12 April
Tron was expected to move lower from its ascending channel but only after the price touched $0.139. Tezos could break down from a descending triangle, while Synthetix did not seem likely to regain the $22-mark over the coming sessions.
After Tron was unable to flip $0.132 to a region of support, the price moved south on the 4-hour timeframe. This movement was still within an ascending channel and a breakdown may take place after the price touches the upper barrier of $0.139. This was predicted largely due to healthy trading volumes over the past 24 hours. The RSI settled at 57 and still indicated some bullish strength in the market.
The MACD also remained above the half-line, although its histogram did notice weakening momentum. If an early breakdown takes place, $0.103 support could fuel a positive comeback once again.
A look at the 4-hour charts on Tezos showed the formation of a descending triangle after the price snapped lower highs since touching north of $7. A bearish twin peak setup on the Awesome Oscillator saw a sharp shift of momentum to the bearish side. If its red bars slip below the equilibrium mark, then XTZ would look at a breakdown from its pattern.
For now, the Chaikin Money Flow was still above the half-line as capital inflows remained healthy towards XTZ. The inflows could prolong a breakdown for a few more sessions, although the CMF did point lower from 0.16 at the time of writing. In case of a southbound move, support levels lay at $6.04 and $5.6.
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.
Even though the MACD witnessed a bullish crossover, the same was still below the half-line. In fact, the ADX pointed south from 30 and suggested that the bulls were actually losing strength in the market. Weak trading volumes certainly did not help in making a favorable prediction as well. While SNX could recapture the area above $20, it would remain restricted below the $22-mark over the short term.