Synthetix (SNXUSD) Is Gearing Up to Test the $7.300 Resistance
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SNXUSD Analysis – Price is gearing up to test the $7.300 resistance
SNXUSD is gearing up to test the resistance at $7.300 for the second time this month. Before ascending upward, the coin bounced off the strong support level at $4.550. The price retraced upon getting to $5.850. The retracement helped the market surge past the level. The next stop for SNXUSD is at $7.300. A similar price movement occurred in which the coin retraced beyond $5.850. The market is gearing up for another upward drive to test $7.300.
SNXUSD Key Zones
Resistance Levels: $7.300, $8.000
Support Levels: $4.550, $5.850
The $4.550 support level has been critical to the market structure. It helped to halt the bearish movement in the market. After that, the coin fluctuated around this zone as the buyers attempted to lift the market. On the 4th of January, the first attempt met stern opposition at $7.300. The second attempt broke through on the 1st of April and hit a stumbling block at $8.000.
SNXUSD then dropped back to $4.550 for buyers to regain their strength. The market is now gearing up for another test at the $7.300 and $8.000 resistance levels. The ATR (Average True Range) indicator shows a steady rise in market volatility as the coin ascends. The EFI (Elders Force Index) also has its power line reacting around the zero level, which shows that the bulls have an equal share of dominance in the market.
Market Expectations
The 4-hours chart shows vividly that the coin has repeated its pattern of retracement and breakout to violate the $5.850 price level. The EFI which had been positive all along have now dropped into a negative value. While the ATR, despite not showing any drastic movement, portrays a strong market strength. Synthetix will try to push to reach $7.300 and then $8.000.
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