Bulls Renew Their Prominence in Synthetix (SNXUSD) Market
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SNXUSD Analysis – Bulls Renew Their Prominence in the Market
Bulls renew their prominence in SNXUSD price movement following a long trend of bearish tendency in the market. The bulls had long since lost the battle against the bears in the market, and the SNXUSD market underwent a thorough drop downward as the bears held a significant impact on the market. The bulls are indebted now and focused on evaluating price movement in a bullish tendency following their heavy setback to the other prospects in the market.
SNXUSD Significant Level:
Resistance Levels: $15.550, $12.550
Support Levels: $9.550, $4.550
The bulls were the first prospects to prepare the market for their orientation. Far back from mid-August, the market underwent a bullish rally from the significant level of $4.550. The market rally eventually rode up to a significant level of $15.550 before the bears caused a setback in the market’s direction. This implies that the price, therefore, reversed its directional tendency from $15.550 and rode with a strong influence on the price. The market continued to retest $9.550 after the strong liquidity run.
The bears then prepared to go lower following this, and sellers continued to gain dominance in market affluence. The bears rallied down to $4.550, with a strong bearish impact. The RSI (Relative Strength Index), which is a leading indicator, shows price reaction as it progresses downward. Following this drop, the bulls then gained dominance and were strongly willing to push price movement to cause a bullish rally. The Stochastic Oscillator also follows suit as the market is prepared for more prominence.
Market Expectations
The price level is predicted to rise on the 4-hour chart. However, SNXUSD will trade downward, following the directional arrow back to the $4.550 price level before continuing its rally. Price will want to fill all the voids created by the bears before advancing. The RSI indicator shows the market near an overbought region as the price is first set for a withdrawal before advancing to the $9.550 market level.
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