Synthetix (SNXUSD) Bears Are Impeding the Market
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Synthetix Analysis – Bears Are Impeding the Market From Moving in a Definite Direction
Synthetix bears are impeding the market from moving in a definite direction. The current movement of the price has been back and forth continuously below the $8.000 significant level. This is due to uncertainty in the market. The last significant stride made by the bulls was on the 1st of April 2020, when the price rose to test the $8.000 significant level. As in previous times, the market was impeded by the bears to bring it down.
Synthetix Key Levels
Resistance Levels: $8.000, $7.300
Support Levels: $2.730, $4.550
The $8.000 price level acts as an effective resistance to the market while the price is seen to continuously fall back to $4.550 for support. The support level at $4.550 has not been very effective in keeping the price afloat. The fact that the support level is porous is a testament to the aggressiveness of the bears in impeding the direction of the market.
The last push by the bulls came on the first of April, when the price reached $8.000 but was rejected as in previous times. The bears immediately began acting on the market and the currency pair was seen to make continuous lower lows till it got to the support level and also slumped through it. The EFI (Elders Force Index) also slides to a negative value with this move. In so doing, Synthetix has now traded to the downside of the MA period 25 (Moving Average).
Market Expectations
On the 4-hour chart, the market is seen to have struggled at the $4.550 support level before it eventually gave way to a drop. During this period, the MA period 25 was above the candles to push it down further. The EFI power line has been predominantly in negative value to show bearish strength in the market. The price has dropped below $4.550, but it is expected to recover above it and then rise towards $7.300.
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