There are hints of asset demand, but Synthetix, REN, and Maker are under pressure unless bulls convincingly push prices above key resistance levels.
Synthetix is down three percent on Sunday, extending their losses and building on Saturday’s contraction, closing around $16.5.
Overly, the trend is bearish, and sellers appear to be unloading on peaks. Immediate resistance is around $18—Mar 27 highs, and the middle BB at approximately $19.
SNX/USD bears are taking advantage of the uncertainty from participation, loading pressure on SNX bulls. Subsequently, the absence of trend direction in the last few days may be tied to low trading volumes.
As long as prices are in range, inside Mar 26 bull bar, buyers are in control. Notably, already there is a three-bar reversal pattern of Mar 24-26 with relatively lighter trading volumes, pointing to weakness.
Unless otherwise, bears are in control in the short term.
However, from a top-down approach, bulls are in control. Technically, the SNX price is within a bull flag. From various Synthetix fora, and according to different Synthetix predictions, the trading community is overly bullish.
In the current consolidation within a narrow trade range with caps at $18 and $19—defined by Mar 24 bar, SNX bears have the upper hand.
Nonetheless, a close above $19 and the middle BB may see prices expand to Mar 2021 highs of $25. On the flip side, losses below $15 may see the SNX/USD price crater to $11.
Maker is relatively week versus both USD and ETH but stable on the last day. Notably, MKR bulls are adding to their longs, closing the week resoundingly stronger.
A primary taker is the sharp revival of prices from Feb 2021 lows of around $1.8k.
In the short term, MKR bulls may build on last week’s gains for even higher highs above $2.4k and the consolidation of Mar 2021 in a trend continuation pattern to new 2021 highs.
The Maker price is trending within a bull flag with support at Feb 2021 lows of around $1.8k. Although MKR/USD prices are suppressed, the trend is bullish.
Encouragingly for DeFi and MKR bulls, the up-thrust of the tail end of last week is with relatively high trading volumes—3.3k versus 6.6k on Mar 24 and 25, signaling buyers.
Even more, MKR prices closed above $2k and above the middle BB, a net positive. In the medium term, MKR bulls are in control.
However, for Q1 2021 trend continuation and to confirm the all-round confidence of Maker prices as per Maker forecasts, a close above $2.4k opens doors for a retest of $3k, or Jan 2021 highs.
The Republic Protocol (REN) is back to bullish ways.
After a series of lower lows last week, REN prices edged four percent versus the greenback on Sunday. Still, REN advances may be unwound since trading volumes are comparatively lower, favoring sellers.
Nonetheless, fortunes may change for REN bulls, specifically if bulls push prices above the middle BB and close above Mar 22 highs.
The $1 level is a psychological round number and a significance resistance. Subsequently, this will nullify bears and set in motion another leg up towards Mar 2021 highs of $1.4.
Although REN buyers stand a chance, bears have the upper hand.
Therefore, for REN to resume its uptrend, a close above $1.1 is necessary. A surge opens up the REN/USD price to $1.4—or Mar 2021 highs.
On the reverse side, a sharp reversal from the middle BB may cause worry for bulls expecting REN to tear higher as per sentiments captured on REN price forecasts.
Losses below $0.8—last week’s low may see the REN/USD price dump to $0.50—Aug 2020 highs, in a retest.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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