After Bitcoin dropped the $ 45,000 mark, the larger market saw another sell-off and most altcoins have suffered losses in the past 24 hours. Such was the case with XRP, Tron, and Synthetix, which were trading near their respective support levels at the time of writing.
The bulls were unable to recover XRP above the resistance bar of $ 0.45 and the price fell after each attempt over the hourly period. At the time of writing, XRP was floating just above a crucial support level at $ 0.41, a level that was reached when Bitcoin pulled out above $ 58,000 almost a decade ago. ‘one week.
The On Balance Volume formed lower lows and explained that the lack of buying pressure kept the bulls from breaking through the $ 0.45 level. The Awesome oscillator the red bars moved below the half line as momentum rested with the sellers. An extended sell would present the next level of support at $ 0.37.
Much like XRP, Tron also entered red territory at press time after price recovered over 6% in the past 24 hours. The price has moved to a strong support area at $ 0.041 after consecutive red candlesticks appeared on its 4 hour chart. The indicators have flashed bearish signals and the aforementioned support line could be threatened in the coming sessions.
The MACD moved closer to a bearish cross, as the bars on its histogram appeared to move below the zero line. The RSI pointed lower around the 40 mark. Greater weakness in the broader market could negatively affect TRX.
A look at the 4-hour charts on Synthetix showed that the cryptocurrency was struggling to maintain its highs seen in mid-February. Since hitting an all-time high of over $ 28. A correction brought SNX below its 200-SMA (green) and the price failed to recover. Over the past few days, SNX’s move is largely limited to between $ 19.67 and $ 17.17.
The Stochastic RSI pointed north after a bullish cross in the lower region. . The CMF showed that SNX reacted strongly to institutional money flows. And the lack of flow has added more weakness to its price.
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