Synthetix (SNXUSD) Retraces up Into a Premium Array
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SNXUSD Analysis – Market Retraces up Into a Premium Array
SNXUSD retraces up into a premium array. SNXUSD seems to have found its course ever since the market veered on August 6, 2022, after hitting the resistance level of $4.32520. The market’s direction now is typically bearish.
SNXUSD Significant Zones
Demand Zones: $1.86600, $1.54400
Supply Zones: $2.79700, $4.32520
The current trading range of SNXUSD, which is also an impulse leg, is defined by the $2.79700 and $1.54400 price levels. Before the formation of the impulse leg, SNX was crashing massively against the US dollar until the middle of October 2022. The massive crash was a result of the falling trendline. This falling trendline emanated in the form of a diagonal resistance as it ran across the highs of the candlesticks. Until October 16, 2022, the market was in a serious decline due to the selling pressure from the $4.32520 resistance at a premium zone.
On August 29, 2022, the price hit the diagonal resistance and continued downward with more fervency. The $2.79700 price level caused turmoil for a while before losing face as significant support after a breakout to the downside. Responsively, on August 13, 2022, the market swerved to the upside after hitting the $1.86600 support. At this point, the bulls were opportune to find an entry as the price rallied into a premium. Recently, the $1.54400 demand zone was hit, and SNXUSD might remain in a correction phase until enough selling pressure is established to drive it downward.
Market Expectation
The market has flipped bullish on the four-hour chart. Following the failure swing and the market structure shift, the price heads into the premium to seek buy-side liquidity (BSL). SNXUSD is expected to keep rallying upward into the premium until the daily fair value gap is filled.
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