Tron, Synthetix, STEEM, FTX Token Price Analysis

Featured Story

By Saif Naqvi

As market leaders Bitcoin and Ethereum moved deeper into the bearish zone, other altcoins registered losses and scrambled to find support at various levels. Tron hovered just above the $0.058-support, while FTT moved towards the $35-level. SNX continued its descent within a down channel, while STEEM cooled 0ff from its local high.

Tron [TRX]

Source: TRX/USD, TradingView

An upwards breakout from a consolidation phase allowed Tron to snap a fresher local high at $0.684, but a saturated market reversed trajectory and the price formed a new base at $0.0588. Stabilization around the press time level would be healthy in the long-run, but TRX would need to overcome bearish technicals and maintain its support level first.

The Awesome Oscillator formed a bearish twin peak, a setup that usually sees a sharp shift of momentum towards the selling side. The MACD line moved well below the Signal line as well. The 50-SMA (blue) and 200-SMA (green) could act as a buffer against further price drops if needed.

STEEM

Source: STEEM/USD, TradingView

Year-to-date gains of over 367% highlighted a strong start to the year for STEEM. The altcoin’s price registered rangebound behavior between $0.49 and $0.39, before breaking north of the 4-hour timeframe and resuming its most recent uptrend. What was more impressive was the fact that gains over the last 2 days touched nearly 50% and came at a time when most altcoins were moving sideways along with BTC and ETH.

Trading volumes clocked in at over $408 million, while the OBV showed strong buying pressure. The RSI settled under the overbought zone and pictured a high concentration of buyers. The price would likely hold on to its press time level in the short-term, with $0.702 being the first line of defense in case of a reversal.

Synthetix [SNX]

Source: SNX/USD, TradingView

A pullback from above the $23-price level saw the price snap lower highs and lower lows, both of which led to the emergence of a down channel on Synthetix‘s charts. While gains in the first three months of 2021 were healthy at over 100%, weekly losses of 4.6% underlined some short-term weakness in price. The momentum was strong on the selling side, according to the Awesome Oscillator, as SNX tested the $17.7-support at the time of writing.

The bulls did manage to defend this level over the last week and a fightback can be expected once again. A bullish crossover in the Stochastic RSI added some optimism to the mix. Since SNX showed an uptrend prior to the pattern, a breakout from the upper trendline looked likely over the medium-term.

FTX Token [FTT]

Source: FTT/USD, TradingView

A bearish broader market was reflected by FTX Token’s price, with the cryptocurrency dropping below the channel of $41.6 and $38.7. The OBV showed that sellers outmatched the buyers as the index moved south over the last few sessions. It did flatten at the time of writing, however, which indicated some buying activity as FTT held steady above its press-time support.

The RSI reversed from the oversold zone and disallowed an extended bearish-scenario.

StevieRay Hansen
Editor, BankstersCrime

One of the signs of ruling class collapse is when they can no longer enforce the rules that maintain them as a ruling class. When the Romans started making exceptions to republican governance, it was a matter of time before someone simply decided the rules no longer applied to them. Perhaps the robot historians will consider Obama our Marius or Sulla. Maybe that person is in the near future. Either way, the rule of law is over and what comes next is the rule of men.

“Don’t piss down my back and tell me it’s raining.” Outlaw Josey Wales

WE NOW LIVE IN A WORLD THAT IS PURE FABRICATION

BanksterCrime

Loading

Don't Miss

Hong Kong Activist Leader Calls For A Run On Chinese Banks Tomorrow

By StevieRay Hansen

To be lawless is to be contrary to the law or to act without regard to the law. Laws are necessary in a sinful world…

Loading

Read More

Next Problem-Hyperinflation

By StevieRay Hansen

The public has lost faith in our institutions and political bodies after having been so obviously, comprehensively and repeatedly lied to over the years. Key…

Loading

Read More

U.S. Oil Companies Slash Gulf of Mexico Production as the Storm Bears Down

By StevieRay Hansen

Paul often clarified the difference between his ministry and that of false teachers by pointing out their greed. In 2 Corinthians 2:17 he wrote, “Unlike so many, we do…

Loading

Read More

Drain the Swap: Pedostein Kingpin Takedown Analysis

By StevieRay Hansen

Evil is usually thought of as that which is morally wrong, sinful, or wicked; however, the word evil can also refer to anything that causes harm,…

Loading

Read More

The Effects of a Falling US Dollar on the Economy of the United States Birth Pains

By StevieRay Hansen

The Tribulation is a future time period when the Lord will accomplish at least two aspects of His plan: 1) He will complete His discipline…

Loading

Read More
Posted in

StevieRay Hansen

In his riveting memoir, "A Long Journey Home", StevieRay Hansen will lead you through his incredible journey from homeless kid to multimillionaire oilman willing to give a helping hand to other throwaway kids. Available on Amazon.

Leave a Comment