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.
Cardano [ADA]
Source: ADA/USD, TradingView
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
Source: EOS/USD, TradingView
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.
Synthetix [SNX]
Source: SNX/USD, TradingView
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.
