Synthetix (SNXUSD) Is Sinking After Hitting a Weekly Supply Level
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SNXUSD Analysis – The Market Is Sinking After Being Repelled at $13.40.
SNXUSD is sinking after failing to bypass the $13.40 demand level. Unlike other cryptos, the ascension of Synthetix has been more intentional and direct. The general market rally began at the $5.50 support on the 26th of June 2021. This led to the coin rising by an eye-watering 147% by the 12th of July 2021. However, the market met strong rejection at the $13.40 supply level, which led to a precipitous sinking of the market.
SNXUSD Significant Levels
Supply Levels: $12.00, $13.40, $15.00
Demand Levels: $10.45, $7.50, $5.50
Therefore, SNXUSD failed in its first rally and the coin sank to around $7.50, which is just a 35% price increase from its initial rally level of $5.50. However, Synthetix soon began another rally which appeared to be slower and steadier than its previous agitated rally. By the time SNX got to the $10.45 key level, bulls influenced the market to leap upwards to break above the $13.40 supply level which rebuffed price earlier. The market failed, again.
For the second time in five weeks, SNXUSD has been repulsed at $13.40. More pertinently, is that the coin, like in the first rally, is already sinking without even persisting. The Parabolic SAR (Stop and Reverse) confirms this with a dot already placed above today’s candle. However, the efforts of the buyers in trying to lift the coin are forging the market into the form of an ascending triangle, which will help the bulls finally subdue their long-term supply level.
Market Prospects
The market has now traded to the downside of the Envelope EMA (Exponential Moving Average) on the 4-hour chart. The Parabolic SAR, also, has aligned several dots below the 4-hour candle to reveal the current bearish nature of the market. But the coin is not expected to keep falling for long. The price is anticipated to bounce off the lower border of the ascending triangle at a point that coincides with the forceful $10.45 demand level. This should propel SNXUSD immediately back towards the weekly supply level at $13.40, and, in an optimal case, break through it.
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