Synthetix (SNXUSD) Is Obstructed From Making a Higher High
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SNXUSD Analysis – Price Is Obstructed at the $11.100 Significant Level
SNXUSD is obstructed from climbing higher beyond the $11.100 resistance level. The coin has been expanding outward in a formation that sees it making a lower low but recovering to make a higher high. Synthetix hit a high of around $15.200 on the 16th of September, which is a 4-month high. The coin then drops to a lower low just above $9.000. SNX tried to rally immediately but was obstructed at $12.100. Further rallying efforts were also obstructed.
SNXUSD Important Levels
Resistance Levels: $11.100, $12.100, $15.200
Support Levels: $5.850, $7.300, $9.000
The expanding triangle formation is a tactic that sellers are employing to gradually reclaim the market. The bulls had seized control of the market immediately after the coin landed on the $5.850 support level. Sellers first obstructed the market upsurge at $13.600, and the price fell but remained in an uptrend. Further obstruction came after the coin rose gradually to reach the same $13.600 key level.
Initially, the market maintained the $11.100 support level, which led to consolidation with the $13.600 key level. This lasts till the 7th of September. Since then, SNX has made a higher high and a lower low, after which it is now trapped in a downtrend. The Elders Force Index (EFI) shows that market momentum is close to equilibrium but has more bearish sentiment. The Parabolic SAR (Stop and Reverse) has placed its dots above the market since the price was rejected at around $15.200.
Market Expectations
The market is now in a gradual descent as it cranks down a descending channel just above the $9.000 key level. The force line of the EFI is undulating up and down the zero line. Currently, price is trading around $10.351, having bounced down to the $11.100 resistance and the upper border of the descending channel. The Parabolic SAR confirms the current market’s descent.
The coin is expected to bounce up from the lower border as the market keeps sliding downwards.
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