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24h Market Cap Change $-0.28 Coin, DASH, Synthetix Price Analysis: 17 October

2min Read

Share this article Coin displayed a possibility of sideways consolidation on its trading charts, indicating a slight drop in selling pressure. Marked by stiff resistance and downward price action, the Synthetix market is unlikely to witness any immediate price recovery. Dash too noted short term bearishness at press time, could soon dive back down to its support level. Coin [CRO]

Source: CRO/USD on TradingView Coin was heading towards a period of price consolidation with early signals from its technical indicators confirming the same.

The digital asset displayed a reduced bearish sentiment, and could in fact maintain a neutral view over the immediate short term period, with prices staying just above the support level at $ 0.135

Although the Directional Movement Index underlined a selling pressure, the falling ADX line also suggested, the weakness in the bearish trend.

Further, the narrowing down seen in the Bollinger bands, indicated low volatility levels could be witnessed over the next few days, ruling out possibility of wide price actions on either side.


Source: DASH/USD on TradingView

At the time of writing DASH was seen trading at $ 66.30, well below its 50-period moving average and along the 20 SMA. However, with the overall downtrend and the 50 SMA lying above the 20 SMA a short-term period bearishness was evident in the digital asset.

Also if the price continues to oscillate between the immediate support and resistance levels, a bearish rectangle formation could soon emerge for DASH, which may in fact see the price diving even below the $ 65.48 level.

Alternatively, if the recent price rise towards the $ 66.44 resistance level is indeed a call for upward price rally, the below average buy volume coinciding with the uptick, still lacked the required strength, meaning DASH prices were likely to fall back again.

Synthetix [SNX]

Source: SNX/USD on TradingView

Synthetix recorded a heavy single day loss, as it was down by almost 7.5% since yesterday. The digital asset at the time of writing was trading at $ 3.902.

Seen trading well below the 50% retracement region as marked by the Fibonacci retracement tool, SNX was yet to make a strong price recovery.

Consistently making lower lows, the price levels continued to also face downward pressure from its immediate resistance at $ 3.952.

Further, lack of any strong buying sentiment noted by the Relative Strength Index, around the 40 levels also ruled out any immediate price reversal possibilities.


A graduate in Economics and International Development, Shubham enjoys researching on economic reform process, with a special focus on China. His interests lie in FinTech & blockchain technology developments across East and S.E Asia.
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