Synthetix (SNXUSD) Fails to Break the $3.450 Significant Level
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Synthetix Analysis – Price Fails to Break the $3.450 Significant Level
Synthetix fails to break a level despite a recent surge in the market. The coin tapered through a triangle pattern for several days before it broke out on the 30th of May. However, the bullish rally ended abruptly after it hit the resistance level at $3.450. As a result, all the progress made by the coin has been reversed, and the price has returned to the $2.730 resistance level.
Synthetix Key Zones
Resistance Levels: $3.450, $4.550
Support Levels: $1.520, $2.730
The $4.550 price level was the former anchor for the market structure. However, the coin fails to hold above the key level. This led to a slump below the key level. The price falls to around $2.730 and manages to stabilize itself. This led to a tapering movement in a triangle pattern. The tapering movement started on the 11th of May and continued till the market broke out on the 30th of May.
On May 30, the coin leapt out of the consolidation and surged directly to $3.450. However, the price hits a stumbling block and drops immediately. Currently, the market is trading at around $2.730. The EFI (Elders Force Index), after swinging higher in the upper parts, is presently gliding around the key levels. The MA period 24 has slipped underneath the daily candles to provide support from below.
Market Expectations
On the 4-hour chart, the price fluctuates around $2.730. As a result, the bears are currently controlling the market as it tries to break free. The EFL has its power line below the zero level. However, the MA period 24 (Moving Average) has slipped below the last two candles in an attempt to lift the market. A failure to move clear of the $2.730 key level will lead to a fall to $1.520.
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