Synthetix (SNXUSD) Bullish Campaign Comes to an Abrupt End
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Price Analysis – $13.500 Resistance Halts SNXUSD Bullish Campaign
SNXUSD bullish campaign will have to wait another turn after it abruptly ended at the $13.500 key level. Bears initially plunged the market from this level on the 27th of May 2021. This was after the big drop had happened earlier on the 19th of May 2021. Price tried to recover from the fall and rallied back again, but it met $13.500 as resistance. After some days of trying, bulls gave up and the market fell, initially to $9.270 support, then further to $5.500.
SNXUSD Significant Zones
Resistance Zones: $9.270, $13.500, $16.400
Support Zones: $5.500, $2.500, $0.040
At this point, the buyers got revived and started pushing the price upwards. The market began climbing a sloppy uptrend line. There was a pullback to $9.270 support from which the price sprang further upwards. Eventually, Synthetix reached the $13.500 key level and tried to break through it, but failed deplorably. At that point, SNXUSD dived downward from the level.
Currently, the daily candles have fallen past the $9.270 support and are still plunging. The MA period 9 (Moving Average) is no longer bearing the market up and has switched positions to antagonize the market, pushing it downwards. The RSI (Relative Strength Index) has its signal line sinking from 64.12 to 40.36 with a promise of more downside.
Market Expectations
On the 4-hour chart, SNXUSD has failed to make a new higher low and therefore has fallen off the uptrend. The MA period 9 is in agreement with that of the daily chart and is also pressing the market down for more downside. At this point, the signal line of the RSI has fallen to 33.13 to show current and persistent bearish activities.
The bears are expected to plunge price to $5.500, at which point the market will spring up again towards the $13.500 key level.
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