Amid Market Recovery Conflux, Synthetix, Maker, and Optimism Token Witness 20-30% Rally
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Cryptocurrency price prediction today Mar 13th: On March 12th, the crypto market witnessed a significant inflow and pushed a majority of major cryptocurrencies to higher levels. This sudden recovery also created a sense of relief rally in the market and a potential resume bull trend. Amid the recovery sentiment, the following coins among the top 100 crypto coins by market cap have shown the highest gain in the last 24 hours.
By press time 8:25 am Monday, the global cryptocurrency market capitalization has regained the $1 trillion market and shows a 6.38% gain since yesterday. Moreover, the total crypto market volume has shown a significant increase of 61.6% and is currently valued at $84.83 Billion.
In the 4-hour time frame chart, the Conflux coin price has shaped its ongoing correction in a falling channel pattern. The coin price currently trades at $0.1893 and revisits the resistance trendline of the aforementioned pattern.
Until this pattern is intact, the CFX price may continue its correction phase and may tumble to lower levels. However, in theory, this pattern could offer a direction rally once the price breaks the overhead trendline.
On March 12th, the Synthetix price witnessed a sudden inflow and rebounded from the 0.618 Fibonacci retracement support. The massive bullish engulfing candle breached the $2.75 resistance level offering buyers additional support to climb higher.
As of now, the SNX price trades at the $2.78 mark with an intraday loss of 0.58%. If the buyers manage to sustain above the $2.75 mark, the price may challenge the last swing high resistance of $3.38.
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Using a support trendline, the Maker price has been rallying a steady rally for nearly two months. Amid the recent increase in buying pressure in the crypto market, the MKR price rebounded from the ascending trendline suggesting the recovery rally continues.
The bullish reversal surged the coin price 35% higher to retest the last swing high of $975. By press time, the Maker coin trades at $875 with an intraday loss of 2.57%. Anyhow, until this support trendline is intact the buyers can maintain a bullish trend.
The Optimism coin has been in a sideways trend for the past seven weeks wobbling between $3.2 and $1.9. On March 12th, the coin price rebounded from the $1.9 support in an attempt to prolong the consolidation phase and rechallenge the $3.2.
However, the coin price currently trades at $2.28 and is struggling to surpass an in-between resistance of $2.5. The long-wick rejection from the aforementioned pattern indicates the price may need to revisit the lower support and replenish the bullish momentum.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.