Synthetix (SNXUSD) Price Evolves Downward in a Ranging Market
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SNXUSD Analysis: Price Evolves Downward Between the $7.700 and $3.520 Market Levels
SNXUSD price evolves downward between $7.700 and $3.520 as the market continues ranging. Since December, the market has lacked a clear direction in its price movement. The price action failed to progress in either a bullish or bearish tendency. However, both prospects contribute less to market influence. Currently, the sellers’ effect may tend to break through the $3.520 significant level.
SNXUSD Market Zones:
Resistance Zones: $15.760, $$11.760
Support Zones: $7.700, $3.520
Nevertheless, the bulls gave the first signal in the price trend around July. The uptrend took a while before it arrived at a new market of $15.760. This uptrend resulted from the aftermath of the seller’s intervention and their orders being activated at various significant levels. The buyers broke through several zones to arrive at their high before the sellers emerged with their strength.
The sellers whirled the price level down to other significant zones in the market. When the price level arrives below $7.700, the market begins to range. The bulls and the bears keep tossing price influence between these levels. The bears are currently trading prices downward. Prices will eventually break through the $3.520 level of significance if bearish momentum continues to rise.
Market Expectations
On the 4-hour chart, the market is also experiencing a ranging market. Buyers and sellers manipulate the price between two significant levels, and the bears are close to going down to the $3.520 level. They will, however, breakthrough when the bears add more pressure to their influence. The Stochastic Oscillator shows price movement already near the oversold region as the ranging continues between the $7.700 and $3.520 market zones.
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