Synthetix (SNXUSD) Has Failed to Break the Previous Supply Level
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SNXUSD Analysis -The Market Has Failed to Break the Previous Supply Level at $7.950
SNXUSD has failed to break previous supply levels at $7.950. The demand level at $4.750 was rejected on the 4th of December, 2022. The shadow was obviously larger than the body of the bearish candle. The bears decided to test the demand zone after the rejection. The market failed to break the demand zone. This caused the bulls to surge to $7.100. The supply zone also trapped the market within the range.
SNXUSD Major Zones
Demand Zones: $3.450, $4.750
Supply Zones: $7.100, $7.950
After a final test of the demand zone on the 10th of January, there was a bearish breakout to the lower demand level at $3.450. The market surged to break the previous demand level. A double top was formed to signify a reversal as the wedge shape formed. The lower demand level was aimed for again. The lethargic distribution towards the demand level revealed that the bears were exhausted. The bears failed to break the demand level at $3.450.
The bulls obtained control of the market as SNX increased in value. The buying pressure of SNX caused the price to test the previous demand zone. The zone acted as a supply zone and resisted bullish fun for a few days. The bulls initially failed to break the supply level. The bulls’ momentum caused the new supply zone at $4.750 to fail to hold price. The bulls skyrocketed to $7.950. SNXUSD has failed to break the previous supply level.
Market Anticipation
The market has been bearish since the bulls have failed to break the previous supply level. The earlier lows above $4.750 have been swept. The market has formed candles beneath $4.750 on the four-hour chart. The Moving Average Period Nine and Twenty-one switched to signify the new bearish move on the 4th of April. The market is anticipated to reach the next demand zone at $3.450.
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