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Bitcoin’s price, at the time of writing, has continued to stay near the long-awaited $ 16,000 level. Due to their high correlation with the largest cryptocurrency in the world, many of the market’s altcoins have benefited as expected. In fact, popular altcoins like XRP, Synthetix and NEM have seen their prices soar over the past week. However, in the past 24-48 hours, these peaks had given way to periods of consolidation.
XRP
Source: XRP / USD, TradingView
XRP, as of press time, was trading at $ 0.256, with the alt continuing to hold fourth on CoinMarketCap’s list with a market cap of over $ 11 billion. While the coin rose significantly on November 5th, the following period saw the coin mostly move sideways between the $ 0.247 and $ 0.259 price levels. It should be noted, however, that these price points were also key support and resistance levels.
The EMA tapes It had stabilized below the press-time trading price and offered support to XRP, with the cryptocurrency likely to get even closer to its immediate resistance level. The CSR agreed with the trajectory projected by the EMA tapes as it was heading towards the overbought zone.
XRP was in the news recently after Ripple, according to its market report, bought XRP for nearly $ 46 million in the third quarter.
Synthetix [SNX]
Source: SNX / USD, TradingView
The price of Synthetix has risen significantly over the course of the week. However, in the short term, the cryptocurrency has noticed a correction with a drop of more than 15 percent. At press time, SNX was trading at $ 4.1 with a market cap of $ 432 million. The price at the time of printing of the coin was quite close to the support level at $ 3.9 and if the coin were to head north again, there would be a significant resistance level at $ 4.8.
The CSR the indicator continued to stay around the neutral zone but was making its way to the overbought zone. however, the MACD The indicator showed some divergence as the signal line continued to stay above the MACD line, maintaining the bearish crossover.
NO [XEM]
Source: XEM / USD, TradingView
NEM has seen its price rise more than 34% in the past week. At press time, the coin was trading at $ 0.134 with a market capitalization of $ 1.2 billion. Similar to many other altcoins, the last 24-hour time frame has mostly seen sideways movement for the coin, with NEM remaining between the support at $ 0.128 and the resistance at $ 0.136.
Furthermore, the Bollinger bands they contracted somewhat, signaling a decline in volatility for the currency price. The CSR the indicator, on the other hand, has continued to stay close to the overbought zone and can be quite useful for the price of the coin.
