Synthetix (SNXUSD) Is About to Reach a Key Level at $6.00
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SNXUSD Market Analysis: The Market Is About to Reach a Key Level at $6.00
SNXUSD is about to reach a key level at $6.00. The market has changed direction from bearish to bullish. The change occurred in March after the consolidation that abounded from the 22nd of February till the 7th of March 2022. Before the consolidation, the downward trend line acted as resistance to bullish moves. On January 24, 2022, a bullish run began at the demand zone of $3.60. The run was halted at $6.00. The critical level was assisted by the downward sloping line that rested above the daily candles.
Key Level on SNXUSD
Resistance Key Levels: $6.00, $4.70
Support Key Levels: $3.80, $.3.80
The key level of resistance was tested on February 2, 2022. A double top pattern was used to change the market’s direction under the critical level. After the retest of the neckline, the price sank to the previous demand zone at $3.60. There was a bullish surge on the 7th of March. The market launched towards the previous critical level at $6.00. Once again, the bullish rise was halted by the downward sloping line. The downward sloping line was tested for the fourth time on the 11th of March.
The bulls were still willing to push higher to a significant key level at $6.00. The bulls ensured that the bearish run after the 10th of March did not reach the previous demand zone. An indecision candle was formed on the 15th of March 2022. At $3.80, a critical level was established. The bulls pushed higher from the $3.80 key level. An ascending wedge was building up in the market. A massive bullish candle violated the downward sloping line that rested above the daily candles on the 18th of March. The wedge has narrowed up towards the $6.0 key level.
What to Expect From SNXUSD?
The Relative Strength Index shows the market is currently very bullish. The equal highs at the $6.00 set level are almost swept. The Moving Average (period 9) supports bullishness within the rising wedge. The bears would be willing to utilize the $6.00 critical level to go short towards $4.700 in the market.
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