Synthetix (SNXUSD) Is Fluctuating Above a Significant Key Level
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SNXUSD Analysis – Price Is Fluctuating Above the $9.300 Support
SNXUSD is fluctuating above a critical key level at $9.300. This comes as the market is not able to sustain its agenda of holding above the $10.450 key level to break through the resistance at $12.000. After just a single test, SNX slipped through $10.450 to fall to support at $9.300. Subsequently, the coin has been fluctuating between these two key levels as price seeks a way through.
SNXUSD Important Zones
Resistance Zones: $12.000, $13.400, $15.000
Support Zones: $10.450, $9.300, $7.500
Even though there is a general tapering movement upward through a triangle, price has really been fluctuating between two distant critical price levels, which are the $13.400 resistance and the $10.450 support. The market has initially found it incredibly hard to push beyond or below this zone. Buyers eventually pushed through on the 14th of September only to tire out at the next resistance, thereby leading to a drop which also fell through the support level of the fluctuation zone.
The coin fell directly to $9.300 on the 21st of September, and the market made an effort to return to the zone, only to be knocked out at $12.000. SNXUSD is now back at the $9.300 key level. The Relative Strength Index reveals that despite the general upward tapering of the coin, the RSI signal line has been on a downslide and the effect can now be seen as the price has dropped precipitously. This shows that the bears have been orchestrating the market in the background for a while.
Market Predictions
The market is now in a bearish territory as the price keeps fluctuating above the $9.300 significant level. The MA period 20 (Moving Average) is set firmly above the 4-hour candles. The RSI signal line has also fallen and stayed below the 50 mark since the 17th of September. SNXUSD is now tapering downward, which will likely further plummet the price.
As a result, SNXUSD could fall as low as $7.500.
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