Synthetix (SNXUSD) Keeps Tapering Through an Ascending Triangle
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Market Analysis – Synthetix Keeps Tapering Upwards to Break the $15.00 Resistance
Synthetix keeps tapering through an ascending triangle in a bid to climb above the $15.00 key level. Price had earlier gotten to $13.40, but rejection at this level dropped the market. A retest of around $10.45 would then drive the market upwards past $13.40. However, bulls didn’t make it to $15.00 before they ran out of steam. The coin has now descended again for a pullback that would drive the market up once more.
Synthetix Key Zones
Resistance Levels: $12.00, $13.40, $15.00
Support Levels: $10.45, $8.80, $7.50
The coin began its ascent immediately after it descended to $5.50 on the 25th of July 2021. It relieved itself of the $7.50 resistance and surged past the $12.00 key level. But at this point, bulls ran out of steam. A retest back to $9.30 returned and keeps the market back on track, which eventually got to $13.40. Again, bulls became totally exhausted and price dropped even lower, back to $7.50. Since then, Synthetix keeps a low estate, making consistent higher lows till it violated $10.45.
At this $10.45 key level, price made a double upsurge which took it closer to $15.00. Synthetix has now pulled back for another upsurge that will likely push the market outside the ascending triangle through which it has been tapering. Having dropped below 50 on the Relative Strength Index chart, the signal line has turned upwards like the previous time in a bid to surge upwards.
Market Expectations
On the 4-hours chart, the 4-hour candlestick has touched down on the lower border of the triangle which it is tapering into. Price is now expected to bounce upwards from here. The fall of price has coincided with a dip in the Relative Strength Index (RSI). The signal line is currently below the 50 mark. This means that, at present, bears have more volume to themselves and, hence, they retain control of the market. SNX is expected to bounce up to reach $15.00.
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