Cryptocurrency Market Update: DigiByte, Flexacoin and Synthetix Rally in tandem with Bitcoin

It has been a challenging two weeks in the cryptocurrency market for both major and minor coins. Bitcoin tumbled to areas under $10,000 in September’s first week, pulling the entire market through bloodshed. However, Bitcoin closed the trading above $11,000 after multiple unsuccessful attempts. Unfortunately, the flagship cryptocurrency has slipped to $10,910 as bears move to take back control.

Intriguingly, some selected altcoins rallied alongside Bitcoin, including DigiByte, Flexacoin, and Synthetix. At the time of writing, Synthetix Network Token is up 15% over the last 24 hours to exchange hands at $4.86. Similarly, DigByte is trading at $0.0255 after its value grew by over 20%. Last but not least, Flexacoin is trading 14% higher and has a market value of $0.0119. The big question is, why did these selected altcoins rally, and do they have what it takes to continue with the momentum?

PAC Global partnership gives DigiByte a boost

DigiByte continues to develop itself as an alternative to larger digital assets such as Bitcoin by offering fast, secure, and affordable cryptocurrency payments. The latest partnership with PAC Global shines a light on the utility other networks can tap from DigiByte. The collaboration between the two networks will see PAC Global’s Masternode layer integrated into DigiByte robust DigiAssets. Notably, the development sets the groundwork for enabling DigiByte payments to future products by PAC Global.

The 4-hour DGB/USD chart highlights an impressive breakout from a descending wedge pattern.  A closer look also shines a light on a short term descending triangle. Both patterns contributed to the spike witnessed in the last 24 hours. DigiByte sprung past the resistance at $0.026 before retreating to confirm support at $0.025.

DGB/USD 4-hour chart

The price is trading above the 50 Moving Average (MA) and the 100 MA, suggesting that buyers are mainly in control. Besides, the Relative Strength Index (RSI) has resumed the uptrend, targeting the overbought area. All these technical levels support the uptrend that could soon reclaim support at $0.026 and forge the path to $0.03.

Synthetix Network Token breakout aims for $6.50

Synthetix is a DeFi project that allows users to gain on-chain exposure and “harness the deep liquidity of synthetic assets to power a new era of financial tools.” At the time of writing, Synthetix is the seventh-largest DeFi project in terms of the total value of the funds locked. Data by DeFi Pulse shows that the funds have grown by 10.12% in the last 24 hours to $672 million.

Top ten DeFi tokens

The 4-hour SNX/USD chart displays a massively bullish picture. Moreover, the up-trending Relative Strength Index (RSI) emphasizes that buyers are firmly in control. The breakout from the double-bottom pattern infers that the token is at the beginning of a bullish phase. However, it is essential to recognize and anticipate resistance at 50 Moving Average and the 100 MA in the recovery to $6.50.

SNX/USD 4-hour chart

According to IntoTheBlock’s IOMAP, the only tough resistance is between $4.91 and $5.06, a range where 349 addresses bought 11.48 million SNX. Once this zone is flipped into support, Synthetix could rally extensively towards the double-bottom target at $6.50. It is also essential to know that if initial support at $4.76 - $4.90 is broken, SNX could spiral to the primary support at $4.46 - $4.61.

Synthetix Network Token IOMAP chart

Flexacoin price hits a barrier at $0.013

Flexacoin has been rallying since July, continually taking the lead among the many DeFi coins. As mentioned, the last 24 hours have been particularly yielding for Flexacoin. The price extended the action above the 61.8% Fibonacci retracement level resistance. Flexacoin soared to levels beyond $0.012 but failed to clear the selling pressure at $0.013.

FXC/USD daily chart

At the time of writing, the bullish momentum has already been jeopardized in favor of an ongoing recession. The resistance turned support at the 61.8% Fibonacci level is expected to come in handy and halt the potential break down to the next major support at $0.008. The RSI downward trend affirms that the bears are in control, at least for now.

Flexacoin new addresses

According to the IntoTheBlock metric that tracks the on-chain activities of different cryptoassets, Flexacoin sees a significant decrease in the number of new addresses created. For instance, the 2020’s peak was on March 6 when 24 addresses were created. The figure has declined to only one address being created on September 1. As the number of new addresses hits all-time lows, it shines a light into a future that could be bleak for Flexacoin, even resulting in a fall or stagnation of the token value.