Synthetix (SNXUSD) Reveals the Readiness for a Selloff
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SNXUSD Analysis – The Market Reveals Readiness for a Selloff
SNXUSD reveals readiness for a selloff in an oversold region. The market has been trapped between the support level at $2.20 and the resistance level at $3.60.
SNXUSD Major Zones
Support Zones: $1.500, $2.200, $4.450
Resistance Zones: $7.600, $6.400, $3.500
The market rallied during March to the supply level at $7.600. The market was oversold at the supply level. The MACD (Moving Average Convergence and Divergence) indicator crosses into the oversold region to signify a selloff. The Stochastic also revealed the readiness for a selloff. The bearish candles dripped below the Moving Average period nine. The demand level of $4.450 was reached in April. The bulls utilized the opportunity to go long. The bullish pressure in the demand zone prompted a rise in the value of the SNXUSD. The price rose to the resistance level at $6.400.
There was a bearish structural shift at the $6.400 resistance level. The daily candles once again dropped below the Moving Average period nine. There was a bearish displacement that violated the demand level at $4.450. The market crashed to reach the demand level of $3.600. The market has been consolidating since April. There was a false break out in June. The month of June formed the current yearly low at $1.500. The Moving Averages period nine has been resting on the bodies of the candles to show the market range. The market is currently showing readiness for a selloff at the supply level of $3.600. The Stochastic is currently departing from the oversold level on the daily chart.
Market Expectation
The market has fulfilled the upside delivery of the market range. The price has started falling since the supply level was tapped at $3.600.
The market is expected to deliver a sell-side delivery in the market range. The price drop has shown the readiness for a selloff in the range. The market is expected to sink to the support level at $2.200.
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