Synthetix (SNXUSD) Is Struggling to Maintain a Hold Above $4.550
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SNXUSD Analysis – Price Is Struggling to Maintain Stability Above $4.550
SNXUSD is struggling to maintain stability above the $4.550 support level. The market’s latest attempt to stop its ranging movement came on the 1st of April when the market pushed upwards. But the uptrend was halted at $8.000. This led to a plunge back to the $4.550 support level. The bulls rallied again but were cut short this time at a lower price level of $7.300. Since then, SNXUSD has been lying low at the support level.
SNXUSD Important Levels
Resistance Levels: $9.000, $8.0000
Support Levels: $4.550. $2.730
The drop in the price below $9.000 was in itself an attempt to exit a consolidation process. Hence, the market broke downward, freely bypassing several key levels. The bearishness was brought to a sudden stop at the $4.550 support level. Thereafter, buy-traders attempted to lift the price back up but were blocked at $7.300. After that, the market has been struggling not to drop further below $4.550.
Finally, the buyers build more momentum as the Momentum line rises on its chart. They were then able to stabilize the market above the support level. They even pushed further to break the resistance at $8.000 but were rejected. Another trial was halted at $7.300. Right now, the price is trading directly at the $4.550 level. The bulls will try again at the resistance levels.
Market Expectations
The 4-hour chart suggests that the market could be ready for another assault at the resistance levels. The Parabolic SAR (Stop And Reverse) has alternated its points below the 4-hour candles. This is accompanied by the rising Momentum indicator line. SNXUSD would firstly try to violate the $5.850 resistance before rising higher.
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