End of Bearish Pressure on Synthetic (SNXUSD)?
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SNXUSD Analysis – Synthetix moves up to signal the end of bearish pressure
The end of bearish pressure is on the card for SNXUSD as the market opens up to more bullish moves. This is the first time the market is rising this high since its slump on the 19th of May 2021. The market had fallen from a $23.900 supply zone to below $13.000 demand in just one day. Afterward, the bears applied pressure on the price, which put it into a gradual decline.
The bearish pressure continued till the 26th of June 2021 when the SNXUSD presented a morning star candlestick pattern for a change to an upward movement. Since then, the market has been upward abounding with consecutive bullish candles. This movement of SNX mirrors its movement at the beginning of the year.
SNXUSD has now hit resistance at $13.000 which is proving difficult to go through. The market could either continue its bullish resurgence or fall into a range. Parabolic Stop and Reverse indicator has aligned eight dots on the daily chart to confirm a definite reversal upwards. The Relative Strength Index indicator is at 64.21 and also shows that SNX is set for more movement upwards.
SNXUSD Key Levels
Supply levels: $23.900, $16.400, $13.000
Demand levels: $5.500, $2.500, $0.040
Market Anticipation
SNX has met a resistance at $13.000, which is propelling the price downwards. The Parabolic Stop and Reverse has displayed a single dot on the top of the 4-hour candles, which indicates that the price is on its way down again. The RSI also has its signal line dipping downwards, out of the overbought region.
SNXUSD will most likely drop down to the next demand level at $5.500 to rally again.
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