Ravencoin (RVN), Nexo (NEXO), and Synthetix (SNX) gain over 20% – reversal ahead?

ravencoin, Ravencoin (RVN), Nexo (NEXO), and Synthetix (SNX) gain over 20% – reversal ahead?

YEREVAN (CoinChapter.com) – The crypto market has rebounded 25% year-to-date, and many altcoins followed Bitcoin’s lead, copying its fluctuations, albeit with a typically higher amplitude. Likewise, Ravencoin (RVN), Nexo (NEXO), and Synthetix (SNX) each gained double digits in the previous two days. However, they met resistance, which could be hard to conquer. Here are more details on each coin.

#1 Ravencoin (RVN) arrived at crucial resistance

RAvencoin (RVN) traded at $0.027 in the New York session on Jan 20, after a 27% bullish move in the previous 48 hours. The digital asset retested a significant support line at $0.022 on Jan 18 and followed Bitcoin’s lead, bringing its year-to-date gains to nearly 55%.

Ravencoin (RVN) daily price action. Source: TradingView.com
Ravencoin (RVN) daily price action. Source: TradingView.com

However, the charts printed several warnings that could hinder the bullish continuation. After the recent jump, The RVN/USD price action arrived at a crucial support-turned-resistance bar and retested it several times in the previous four hours, which is best visible on the more detailed two-hour chart below.

Ravencoin (RVN) two-hour chart. Source: TradingView.com ravencoin nexo bitcoin
Ravencoin (RVN) two-hour chart. Source: TradingView.com

Also read: SOL Price Prediction: Solana Bulls Aim Another Surge To $30.

Moreover, the low time frame chart also shows a clear decline in the trading volumes, which could mean insufficient effort from RVN bulls to break the mentioned resistance. If so, the next possible assistance will likely come from $0.022.

#2 Nexo (NEXO) jumped 23% in a ‘symmetrical triangle.’

Crypto lender Nexo token gained 23% in value since Jan 18 and stood at $0.82 on Jan 20, despite the recent troubles with law enforcement. Meanwhile, the digital asset’s charts show a significant move ahead due to a formation known as the ‘symmetrical triangle.’ The latter entails two converging trendlines that gradually lower the price swing amplitude by consecutive support and resistance retests.

ravencoin nexo bitcoin
Nexo token daily price action. Source: TradingView.com

Generally, the symmetrical triangle forecasts a move equal to the formation’s maximal height after NEXO leaves the setup without specifying a bias. Thus, the triangle’s bullish target would stand at $1.7, while the bearish target brings the price to practically zero.

There are several cues that hint at a stall in the rally in the upcoming session. Firstly, much like Ravencoin, NEXO stood at a significant resistance on Jan 20. However, the declining trading volumes did not support the possibility of a convincing break above the said trendline. Thus, a drop toward the triangle’s support does seem realistic. In that case, NEXO is looking at a 23% drop, which will pare all the recent gains.

Also read: Another Crypto Lender Bites The Dust. NEXO Office Raided By Bulgarian Police.

Secondly, the token’s relative strength index (RSI) charted through ‘overbought’ territory and stood at nearly 80. The overly high RSI indicates a looming reversal in price as traders could choose to secure their gains and withdraw from the market.

#3 Synthetix (SNX) charts look ready for a bullish continuation

Unlike NEXO and Ravencoin (RVN), Synthetix token (SNX) looked primed for another leg up in the upcoming session. The SNX/USD exchange rate stood at $2.54 on Jan 20, after a 20% jump. However, while the 48h gain was less than the other two tokens’, SNX gains year-to-date stood at 78%.

Synthetix (SNX) four-hour chart. Source: TradingView.com ravencoin nexo bitcoin
Synthetix (SNX) four-hour chart. Source: TradingView.com

Moreover, the chart above shows consistent trading volumes in the previous days, and the low time frame charts do not contradict the bullish bias. The token retested a significant resistance-turned-support line at $2 on Jan 19 and traded above its 20, 50,100, and 200-4h exponential moving averages.

If the rally continues, the $2.7 line, a previous resistance, would be a crucial milestone to conquer. Thus, the upcoming sessions will show if the SNX bulls will double down to reach the target.

Also read: Verasity Coin (VRA) Secures 143% Gains After Confirming Bullish Technical Pattern.

Meanwhile, it is important to remember that Bitcoin’s uptick was ultimately behind all three rallies mentioned above. Thus, the alpha crypto’s future fluctuations will have an effect on Ravencoin, Synthetix, and Nexo, determining their charts, at least for the short term.

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ravencoin, Ravencoin (RVN), Nexo (NEXO), and Synthetix (SNX) gain over 20% – reversal ahead?

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