Synthetix (SNXUSD) Remains Reluctant to Drive Upward
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Synthetix Analysis – Price Remains Reluctant to Push Beyond Key Level
Synthetix remains reluctant to push price upward. This is especially considering that the coin has failed to breach the $11.100 price level that it encountered earlier in the month. The reluctance of the market to move is likely a pointer that bulls are taking their time to accumulate momentum with which they will drive the price out of bearish influence. Synthetix is on the ascendency again to confront the resistance level.
Synthetix Key Levels
Resistance Levels: $11.100, $12.100
Support Levels: $9.000, $7.300
The coin has been brought under bearish dominance after a volatile reaction by the market which started on the 13th of August. The market was gyrating to forge into an expanding triangle formation. Bears, however, made use of the $12.100 resistance level to trap the coin in a downtrend. This led to a fall in price, but the $9.000 support level provided buyers with hope as it remains impenetrable, thereby tapering the market through yet another triangle pattern.
The market eventually broke out on the 29th of October. It was immediately pushed upward but was rejected at $11.100. Since then, price remains reluctant to push upwards again. The MA period 50, however, is giving the market some needed support. Price has sprung off it again. Despite the market being reluctant to push upwards, the RSI (Relative Strength Index) shows the buyers are progressively influencing the market in the background as its signal line climbs above the 50 mark and remains upward abounding.
Market Expectations
The 4-hour chart emphasizes the activities in the market. The MA period 50 is playing a prominent role in awakening the bulls and supporting the upward movement. The RSI indicator also remains upward-abounding, having bounced off the oversold region border to climb above the 50 mark. It is assumed that buyers have stored up momentum which will be released anytime soon, before or after breaking through $11.100.
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