News

Crypto.com Coin, DASH, Synthetix Price Analysis: 17 October

Advertisement

Crypto.com 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.

Crypto.com Coin [CRO]

Source: CRO/USD on TradingView

Crypto.com 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.

DASH

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.

Advertisement

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.

READ  Jenni Rivera: Remembering La Diva de la Banda, she teaches us to make enchiladas in her style

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.

About the author

Avatar

Linda Hopkins

Linda is one of the oldest contributors to Sunriseread. She has a unique perspective with regards to business and technology. She aims to empower the readers with the delivery of well-written news pieces, and most importantly, she always tries to bring the news quicker to the readers.

Add Comment

Click here to post a comment

Quick Contact!

To get in touch with Sunriseread or to tell us about a Story or Press Release, just send an email to lindahopkins128 @ gmail.com
. And, we will get back to you shortly.