Synthetix (SNX/USD) Bulls Maintain Momentum as Price Taper Through a Rising Wedge
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Synthetix Analysis – Momentum Remains With Buyers as Bulls Maintain Upward Pressure
Synthetix bulls maintain momentum to keep the market going generally upwards. Like many other coins, Synthetix has also taken off in an upward direction. But the pattern of upward movement of the crypto is unique to others. The market had two separate acclivities. The first was a rushed upsurge, the second was calmer and more calculated. But the combination of both has forged the coin into a rising wedge formation.
Synthetix Important Zones
Resistance Zones: $13.40, $15.00, $16.40
Support Zones: $12.00, $7.50, $5.50
It was during the first ascent of the market that bulls took off from rock bottom at $5.50. The major challenge was to break past the $7.50 resistance. It took about a week of persistence to eventually move the coin up. Then, the market surged up with the momentum that took it past all the barriers till it climbed to about $12.00. At this point, buyers took a breather and pulled back to the $9.30 major support to further shoot the price to $13.40, at which point the market failed abysmally.
Rejection at $13.40 brought an abrupt end to the first acclivity and plunged the market right back to $7.50. Buyers restarted momentum building and had to maintain a steady climb. This continued to $10.45, where bulls started taking longer strides. The price finally violated $13.40 after retesting $10.45 upon another rejection. Currently, the price is looking to bounce back upwards after a rejection from the upper border of the rising wedge. Despite the fall, bulls maintain momentum, as shown by the lower dots of the Parabolic SAR (Stop and Reverse).
Market Prospects
The market is currently trading downwards after rejection at the upper border of the rising wedge. The Moving Average Convergence Divergence shows strong bearish histogram bars to indicate this market’s bearishness. Synthetix is now looking for a suitable landing spot from which it will bounce back upwards. The Fibonacci Ratio shows that the coin is close to the 78.60% optimal entry-level, which just lies below the $12.00 support level. This is a strong support zone where price will likely retrace. $15.00 is the long-term target of the coin.
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