Bitcoin reached an ATH of $59,900 at the time of writing and was receding back toward $59,000. However, this could see the altcoins move upward as well. Cardano climbed back above $1.09, while Synthetix defended the $19 mark and Ontology found support at $1.
ADA dropped sharply beneath the $1.09 level to test the $1 as support. The $1 mark saw bulls hold their own and even drive the prices up by 10% in the span of a few hours. At the time of writing, ADA had climbed back into the short-term range it had formed earlier this week, between the $1.09 and $1.18 values.
The Awesome Oscillator crossed over into bullish territory on the hourly chart, while the most recent trading session (not yet closed at the time of writing) saw significant trading volume, confirming bullish market sentiment.
A retest of $1.09 and a move to $1.14 can be expected over the next few hours.
On the 4-hour chart, it can be seen that momentum had not yet flipped in favor of the bulls. Even though the lower timeframes showed rising bullish momentum, the test of the $19 region of supply and subsequent bounce is not yet indicative of recovery past $21 for SNX.
The Stochastic RSI was climbing from oversold territory, while the RSI was also pulling itself up toward neutral 50.
The breakout from the descending channel was halted at the $24 mark. The defense of the $18.5-$19 region of demand is a positive development for the bulls. The $19.7 and $21 are the next levels of importance as support and resistance respectively.
The Aroon Indicator showed some bearish momentum over the past few days as the Aroon down was moving higher. The MACD corroborated and sank below the zero line as ONT tested the $1 mark.
There was some demand at the $1 level, and the shorter timeframes showed that bearish momentum was reversing.
The $1.14 level is likely to be tested and breached over the next few hours. A rejection at $1.14 could see ONT dip to $1.1 before moving higher. A retest of $1 or a breakout past $1.14 can be used to evaluate a buying opportunity.
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