Synthetix, UTrust, and Holochain remain in range at near their all-time highs. SNX/USD and UTK/USD prices may rise above immediate resistances while HOT/USD short-term trajectory depends on reaction at the middle BB.
UTrust has been exceeding expectations in the past few months. A 67X rally year-to-date is enough testament for the Ethereum-based project seeking to revolutionize payment.
For this, and riding on the strong crypto tide, many traders expect the uptrend to continue, as seen from UTrust price forecasts from leading analysts and experienced traders.
As of writing on Apr 12, UTK prices are down a ball park five percent on the last day and week. It is also weak versus ETH and BTC on the last trading day.
Accompanying this retracement is a sharp decrease in UTK trading, falling to $20.8 million.
UTK/USD Price Analysis
The UTK/USD price is wavy but the uptrend is valid.
However, unlike the previous consolidation of late Feb to early Mar, bulls are struggling. For perspective, the UTK price is within H2 Mar 2021 bearish trade range. Besides, UTrust bulls have failed to drive prices above $0.78 in confirmation of the late Mar 2021 push indicating bears’ presence.
Nonetheless, as long as UTK/USD prices are above the 20-day moving average and volumes remain within range as they are, buyers stand a chance.
In the immediate term, optimistic bulls can buy the dips with targets at $0.78—Apr 2021 highs. However, losses below the 20-day moving average and $0.58 may trigger a sell-off to $0.48 and $0.30—key support levels in the Q1 2021 trade range.
Long-term Holochain price forecasts suggest that buyers will drive HOLO prices higher despite the current correction.
HOLO is currently trading at $0.020, down 24 percent week-to-date.
However, a notable and quite encouraging development is the rise of trading volumes on the last day. HOLO-related trading pushed its daily averages to $711k, rising 31 percent.
HOLO/USDT Price Forecast
Year-to-date, the HOLO price is up 59X. During this time, the 20-day moving average was a reliable support level.
However, for the first time in over four months, HOLO prices are now retesting the middle BB—a flexible support line.
Technically, this is bearish for the HOLO/USDT price. Nonetheless, the short-term trend definition highly depends on whether prices will close below $0.016. It coincides with the 50 percent Fibonacci retracement of the Q1 2021 trade range. A comprehensive close could spark liquidation towards $0.008—the 78.6 percent Fibonacci level of the same range.
Meanwhile, gains above $0.024 may see the HOLO price rise to $0.030—in a buy trend continuation pattern.
The Synthetix price recently broke above key resistance levels in a buy trend continuation pattern, aligning with traders’ expectations as gleaned in the long-term Synthetix price forecasts.
As of writing, the SNX price is trading at $19, losing six percent week-to-date. Overly, SNX/USD is under pressure, but the immediate term price pattern depends on whether SNX bulls will flow back. According to trackers, SNX average trading volumes are down by 20 percent to $129 million.
SNX/USDT Price Prediction
SNX is trading within a bullish break out pattern. However, buyers are struggling to build on the momentum, oscillating within a $2 range.
Immediate caps are at $22 and $18—now support. Notice that the breakout above the bull flag is with high trading volumes. This has since tapered as prices move in range as above.
Risk-aggressive traders can fade bears by loading on dips as they aim at $22 and $28—Feb 2021 highs.
Meanwhile, risk-averse traders could wait for a clear trend to develop before committing.
In that case, if SNX/USD prices closed above $22, a rally to $28 could be on the offing. Meanwhile, losses below $18 may see SNX prices drop to $15 and $11, confirming late February bears.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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