Bitcoin has had a positive impact on many of the market’s altcoins. For popular altcoins like Cardano, EOS, and Synthetix, the past 24-hours have seen their price appreciate slightly, however, these altcoins seem to be struggling with mostly sideways price action.
For the king coin – Bitcoin, at press time, the coin was trading at close to $33,000 and saw an impressive 23 percent hike in the past week.
Cardano is currently ranked 9th on CoinMarketCap’s list and the coin has seen its price rise by over 9 percent in the past week’s time. At press time, ADA was trading at $0.189 with a market cap of $5.4 billion.
The coin’s price is currently facing resistance at the $0.196 price range. However, if there was a dip in price, ADA can rely on the supports at $0.185 and $0.170.
The EMA ribbons have now settled below the price and are offering support. The MACD indicator also looks promising as it has undergone a bullish crossover.
EOS is valued at $2.74 and has registered a market cap of $2.4 billion. EOS is currently testing its immediate support at $2.77 and is trading in the tight range between the aforementioned resistance and support at $2.55.
The coin is likely to see its sideways movement continue as there is very little volatility in EOS’s price. The Bollinger Bands have contracted significantly indicating the same.
Akin to the above altcoins, SNX is also dealing with a spell of sideways price movement. The coin is currently trading at $8.25 and has noted a market cap of $898 million. SNX is very close to testing its resistance at $8.68 – a price level that has offered significant resistance in the past few days for the coin. The next major support for SNX lies at $6.95.
The RSI indicator is close to the neutral zone. However, the MACD indicator just saw its signal line go below the MACD line forming a bullish crossover, which happens to be a positive sign for the coin’s price.
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