Synthetix (SNXUSD) Buyers Prepare for an Expansion to the Upside
November 22, 2022
#Crypto#CRYPTOCURRENCY#Market Expectation#Price Action#Price Analysis#Technical Analysis
SNXUSD Analysis – Buyers Prepare for an Expansion to the Upside
SNXUSD buyers prepare for an expansion to the upside. In anticipation of the next expansion of price to the upside, the SNXUSD buyers are building buy orders at the $1.550 demand zone. Moreover, the reaction of the market to the bullish order block reveals that the selling pressure of the bears is reducing.
SNXUSD Significant Zones
Demand Zones: $1.550, $0.930
Supply Zones: $2.800, $4.450
The market resumed its downward trend in August 2022. SNXUSD began to decline from the $4.450 price level. This downward trend continued steadily even after the falling trendline got broken due to the SNXUSD buyers’ short-term intervention. On August 21, 2022, the market began to crash massively from its premium. This massive crash continued, though in fractals, into an oversold region. The gyration of the price around the previous support of $2.800 revealed that the market was completely dominated by the SNXUSD sellers.
On June 18, 2022, the SNXUSD sellers’ selling pressure diminished as they exited the market in mass. The bullish order block created as the price got delivered to the upside is currently influencing the decision of the market to surge upward or purge downward. The SNXUSD buyers were able to ride the market’s flow into the $4.450 supply zone. On August 11, 2022, the market purged downward from the supply zone, and the intention of the SNXUSD sellers was revealed as the price headed into an oversold region.
On the four-hour chart, the market is currently consolidating within the demand zone. The SNXUSD buyers are however expected to take over the market from here and ride the order flow into a premium.
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