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Synthetix (SNXUSD) Bulls Seek a Bold Return Back to Old Levels

January 11, 2022

#Crypto#Crypto Analysis#CRYPTOCURRENCY#Daily Chart#Market Expectation#Price Action#SNXUSD

SNXUSD Analysis – Price Seeks Bold Awareness Back to the Old Level of $7.410

SNXUSD bulls seek bold return back to an old significant level of $7.410 The bullish frame is set to embark on a ride back to the old status level after a long displacement of the bearish formation. Even though the market is trading in a range between $7.410 and $4.700, there was no change in sentiment. The buyers are somewhat inclined to change the price impulse in the market.

SNXUSD Price Levels:

Resistance Zones: $15.060, $11.700
Support Zones: $7.410, $4.700
SNXUSD bulls seek
A bearish bar first cut off price movement to follow a downward view around mid-June before bulls took it upon themselves to gain more liquidity in the market to have a solid ride back to the $15.060 level of price influence. The market walked through another breakthrough when price tendency is significantly nudged down by the bears.

The sellers in the market are deliberately taking the price tendency lower as the market experienced a break-even down through several break-evens. The price journeyed downward till the price got down to the $4.700 price level, where the price is seen ranging in the box. The buyers are therefore bold now to take the price level back to $7.410 as the Stochastic Oscillator gives a clear market average direction in the oversold region.

SNXUSD bulls seek
Market Prospect

On the 4-hour chart, the bulls are prepared to create more awareness of price influence in the market. The bull market will now begin to gain more impact as the momentum in price influence is seen to be rising above the 0.00 level of price influence. SNXUSD bulls are ready to fill all the voids created by the bears on the 4-hour chart as the price will move to the $7.410 market level.

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