Synthetix Leads Market Rally With a 98% Rise As Bitcoin Falls to $19K
- Bitcoin recovered by 8.4% yesterday to trade at $20.5k.
- Synthetix, despite noting no developmental upgrade, rallied by more than 50%.
- The fear in the crypto market continues to persist still.
Sometimes based on the micro changes, it appears as if the macro conditions are improving as well. But in the case of the crypto market, that is certainly not happening as both the micro and macro conditions are terrible.
Bitcoin Takes the L
The king coin had an opportunity to take advantage of the 8.44% rally it achieved on June 19 and carry it forward to once and for all escape the clutches of the $20k curse.
Sadly, that did not happen as BTC consolidated at the level it has been stuck at for the last seven days. The almost 40% crash of this month already brought BTC down from $31k, and now it might even lose $20k unless the trend changes.
The possibility of the same, while it may appear bleak, is not impossible. The Parabolic SAR, which indicates the active market trend currently resides above the candlesticks, highlights a downtrend in the case of Bitcoin.
The Relative Strength Index (RSI), on the other end, is yet to recover from its slip into the bearish zone. The indicator barely lingered in the bullish area before moving back under the neutral line on June 11.
These indicators combined indicate that for the next few days, BTC might remain consolidated, and once the active trend changes into an uptrend, BTC will have room to rise above $20k.
Synthetix Takes the W
The cryptocurrency leading the altcoin rise was surprisingly not Shiba Inu this time but was Synthetix. One of the relatively lesser-known assets in the crypto space, SNX holds a market cap of $345 million.
In the last 24 hours, SNX was the leading cryptocurrency also because it held the same spot for the 24 hours before that as well. In 2 days, the altcoin managed to rise by 98.2%, and its trading price shot up from $1.5 to $3.
Although at the time of writing, the MACD highlighted increased bullishness as a bullish crossover took place, the coin is not bound to continue rising. This is because while the rally was organic, it lost more than it gained today.
The Chaikin Money Flow (CMF) exhibits clear outflows today, which means that the coin might not rise further, even if it does not fall on the charts.
Investors cashing out and booking profits or liquidating their positions might have caused this instance, but regardless this is where the rise ends for SNX.