Synthetix (SNXUSD) Is Set to Leap Down From Its Parallel Channel Mid-Line
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SNXUSD Analysis – Synthetix Is Set to Leap Down From Mid-Line Resistance
Synthetix is set to leap down when it climbs the middle line of its descending parallel channel. Since its precipitous drop in price on May 19, 2021, the market has been in a general decline. In just one day, SNX fell from $24.000 supply to $10.400 demand, a 57% drop. The effect of that is that the Synthetix bulls have struggled to take a stand and have been overpowered.
Thereafter, Synthetix slid down utilizing a descending parallel channel. The middle line of the parallel channel has been very influential in determining the tracks of the candlesticks. It serves as both a barrier and a source of support. It patterns the market in such a way that when the candlesticks leap above it, it defends the candles for a while before allowing them to leap down again. It has done that on two occasions now, and a repeat performance is set to follow.
The supply and demand zones work in conformity with the middle line. Synthetix is seen to leap up and leap down at the key levels. The first cycle climbed up to $10.400 and leaped down to $7.900. The second cycle climbed to $7.900 and leaped down to $5.700. Currently, the coin has climbed up again to $5.700 and is now predicted to leap down to $3.600.
Synthetix Key Zones
Supply Zones: $14.100, $10.400, $7.900
Demand Zones: $5.700, $3.600, $0.300
The 5 Moving Average indicator is observed to move below the candles during the leap ups and moves above them during the leap downs. It is currently above the candles but dipping, ready to act as support for another cycle. The MACD (Moving Average Convergence Divergence) indicator rightly shows the general trend of the market as being bearish. Dwindling histogram bars indicate an impending retracement jump.
Market Anticipation – Synthetix Will Climb up and Leap Down Again
On the 4-hour chart, the 5MA has descended to go under the candlesticks to help push the market upwards. A strong bullish candle is currently being displayed. MACD shows dwindling histogram bars, indicating that Synthetix is on the rise.
Synthetix is expected to climb up to the middle line and leap down to $3.600.
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