Chainlink trades within a supply zone while buyers try to turn it into a demand zone. Synthetix climbed above the $ 18.5 mark as buyers stepped in, and the FTX Token attempted to retract the $ 26.2 level as support.
On the hourly chart, the RSI showed that momentum began to return in favor of the bulls as it moved above the neutral 50. The region, which stretches from $ 24.8 to $ 25.8, has created a supply zone in the past with resistance at $ 27.
Therefore, turning the $ 27 area into support would be a strong sign of bullish strength. A higher drop from $ 22.33 a few days ago than the previous one is also an encouraging sign in the short term.
The MACD formed a bullish trend and was on the verge of breaking above the zero line to show short-term bullish momentum. FTT also climbed above the $ 26.17 support level.
The stochastic RSI was in the overbought zone and a small retracement from $ 26.57 can be seen. A retest of $ 26.17 can be used for buy orders. Over the next few days, FTT bulls should shield the $ 26 area from any bearish pressure and also move above the $ 28.59 level to start a recovery for FTT.
Synthetix is trading in a descending channel with attempts to break through in both directions. However, the price of the cryptocurrency is back on this channel right now.
Over the past few hours, OBV has recorded an upward trend as SNX briefly dropped below the lower limit of the channel but forced it back in. The movement of the 8-period EMA (blue) over the 20-period EMA (white) can bring an upward momentum in the short term.
The $ 18.2 area could be retested and interpreted by the market as a good place to buy SNX.