Bitcoin’s market dominance has attracted a lot of attention in the past 10 days after the crypto market rose behind the performance of BTC. Thanks to the high correlation, most of the altoins also share a similar fate with BTC. Despite some degree of correction at the time of writing this news, companies like Tron and Synthetix continued to record earnings on a weekly basis.
Tron (TRX) price analysis
Tron, which was once a regular in the top 10 of CoinMarketCap, is now weakening at the 18th place. TRX rose in the charts after 10 days of price corrections, thanks to its high correlation with the world’s largest cryptocurrency. TRX has increased by over 14% in the last week alone. While the increase is happening in a good time for the cryptocurrency, TRX is still trading well below the levels seen in September.
Crypto money is well below its instant resistance. This was a level that was last touched after the previous rise towards the end of November.
While the Bollinger Bands maintain their width to maintain some degree of volatility in the market, the Relative Strength Index mediates between the oversold and overbought zones on the charts.
Synthetix (SNX) price analysis
Synthetix, the eighth largest DeFi token in terms of market capitalization, has turned upside down in the past few months. While the SNX reached new heights in August, its performance has not replicated this form since then. Since then, SNX’s charts have seen a number of increases and corrections. SNX rose 22% during the week.
Despite corrections at print time, the SNX recorded a 702% YTD return at press time and was trading close to the SNX resistance level.
Parabolic SAR has been observed to highlight the rise in the market, while the Awesome Oscillator saw a slight increase in market momentum.