RUNE, currently undergoing a crucial test at $5.30, is at a pivotal juncture, while THOR struggles with resistance at $0.34.
The unfortunate breakdown in SNX and DYDX's recent setback after a failed breakout at $3.29 provides some context into where the market is headed.
But how should you play these coins from here?
Let's jump in!
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
RUNE update
- As predicted last Friday, we've seen a more meaningful move down where the local support of $5.30 is now being tested. Price is down 16% since our call on Friday.
- The main horizontal support is at $4.78, where we have our green "buy" box. This is where we'd add light DCA orders.
- If the $4.78 horizontal support is lost, price can move down more meaningfully. The yellow box is where we'd DCA more aggressively, assuming price can get there.
- One positive is that the RSI has reset on all major timeframes.
Cryptonary's take
The key area for RUNE remains the horizontal level of $4.78, which we called for at the backend of last week.We expect a bounce from $4.78 and the green box if price fills the whole box.
However, in terms of placing long-term, more aggressive DCA orders, we would wait for the yellow box between $3.70 and $4.06.
THOR update
- Another we called pretty spot on in last Friday's Market Direction.
- Price was able to bounce and attempt a small breakout. However, we outlined that the $0.34 may act as a local resistance, which it has done, with price then moving lower.
- THOR may be able to bounce from current price if it can breakout from the local downtrend again, however we would wait for lower prices to add to Spot bags. The area of interest would remain sub $0.22.
Cryptonary's take
THOR is still struggling with weak volume, and even though we may see some small local bounces, it's likely that price will continue to decline in the coming weeks.Our initial area of interest for buying would be the $0.22 horizontal support.
SNX update
- SNX has had a really ugly breakdown that we were anticipating at the back end of last week.
- The uptrend line has now broken down more meaningfully.
- The prior horizontal resistance of $3.67 could not hold as new support.
- The yellow box is firmly in sight, even though a short-term bounce may be on the cards. This would be a relief bounce.
- The positive is that with this move down, the RSI has reset substantially on all major timeframes.
Cryptonary's take
Overall, this is an ugly breakdown and an invalidation of the bullish setup.In the short term, SNX may bounce back to $3.67 and find that level as local resistance before a further move down.
The yellow box between $3.03 and $3.23 is where we'd become interested in SNX again.
DYDX update
- This is one we were constructive on as it was forming a descending wedge, which usually has a bias to break to the upside.
- The descending wedge has seen a breakout to the upside, but price was halted at the horizontal resistance of $3.29 and has since rejected and moved back down to the border of the wedge.
- The RSI remains really constructive and in a healthy spot.
Cryptonary's take
We're looking at DYDX to hold the current level of $2.80.Although, the opportunity may have gone with the failed breakout.
If price can form support above the top border of the descending wedge, then this may aid price to move higher.
However, we will remain on the sidelines for DYDX regarding trade opportunities.
Recommended from Cryptonary
