- The price of Tron is currently retracing at press time
- EOS lacks momentum in either direction
- Synthetix is set to undergo a sharp correction
Tron News Today – the price of Tron was trading close to some important retracement levels. Meanwhile, Synthetix is still set to begin a sharp correction. Further, the price of EOS showed a lack of momentum in both directions. EOS will likely consolidate near its major support in the coming days. The world’s biggest digital currency by market cap Bitcoin managed to hold the $10,000 area firmly. This indicates Bitcoin’s strength and played down fears of a steep drop for the top dog cryptocurrency.
Tron is Retracing Some of its Gains
At press time, the price of Tron was retracing some of its recent gains. While the recent drop that hit the market wiped out the above-mentioned gains, the price of TRX was trading higher than the 61.8% retracement at $0.03. The Fib retracement tool indicates other positions to watch. The 78.6% area at $0.024 could become key support if the coin’s price falls further.
The 50% and 38.2% fib retracement levels at $0.033 and $0.037, can act as resistances. The RSI also indicated a reading of level 43, which is a sign that TRX is in a bearish region. TRX price hasn’t started recovering yet. The Sun Genesis mining launch could help TRX’s price movement in the short-term outlook.
EOS is Losing Momentum
The price of EOS bounced off a downtrend with great force following its recent market crash. Now, the coin has been brought down. It is now testing the $2.78 support area. As of when this content was written, the price of EOS was losing momentum. This position was underlined by the Awesome Oscillator. This metric indicated that the bearish momentum had weakened in the short-term. EOS price might successfully hold the $2.78 support once again, especially if the AO indicates a bullish crossover.
Synthetix is Declining Rapidly
The price of Synthetix was unable to scale past the resistance it held at $7.3. The cryptocurrency is declining rapidly and has moved past its support area at $5. It has fallen to its next support area at $4.18. The RSI indicates that SNX is in the overbought area and it is time for a fresh wave of sell orders. Synthetix is currently ranked number six on the list of the top DeFi tokens. It has a total value figure of $674 million. Synthetix has a total market capitalization of $439 million and is currently placed at number 34 by CoinMarketCap.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
