Synthetix (SNXUSD) Steadily Climbs up the Price Ladder
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Market Analysis – SNXUSD Steadily Climbs up To Keep Being Bullish
SNXUSD steadily climbs up to keep being bullish as it takes out the $10.45 resistance level outlined in our previous analysis. The coin’s bullishness, which continued last week on the 4th of August, after a short-term retracement, took out the $10.45 resistance level. It also extended its bullish run into the $11.0 zone before beginning to retrace.
Key Levels
Resistance Levels: $10.45, $12.0, $13.65
Support Levels: $7.50, $8.80, $9.30
Through the EFI (Elder Force Index) indicator on the daily chart, we can observe that despite the dip in price, the EFI has been making steady higher lows and progressing up. This is indicative of a strong volume and support base for the bulls from which price has been bouncing off and rallying to new highs.
Observing the EMA 9 & 20 (Exponential Moving Average), we see that price has traded through the EMAs to the downside. This shows that price is in a retracement phase in this bullish trend. Also, price is currently trading above the EMAs, indicating that the retracement phase is rounding off and price is transitioning back into full bullishness.
Market Prospects
On the 4-hour chart, it is seen that price has found support at the $9.30 level and is looking to create a new higher high. Also, looking at the EFI indicator, we observe that the force line is a little above the zero level, indicating low volume in price movement for now. The EMAs also just crossed each other to the upside, indicating buyers are starting to come into the market at this point. This can also serve as a good signal to join the buying side. The 4-hour has overall remained bullish and looks set to continue its steady climb up.
Should SNXUSD continue its steady climb up, the $12.0 level will be the first level target for price to reach in this bullish trend. While some retracement might occur at this point, price should progress further easily and trade into the $13.65 level. This resistance level also might be taken out and price could progress further. SNXUSD looks bullish for now, and the coin should have no hassle in steadily climbing up.
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