Synthetix (SNXUSD) Surges Upward After Hitting the Bullish Order Block
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SNXUSD Analysis – price surges upward after hitting the bullish order block
Synthetix (SNXUSD) surges upward after hitting the bullish order block. The bullish order block was created on the daily time frame as the price was delivered expeditiously to the upside. The SNXUSD buyers seem optimistic because prices have been finding it difficult to purge downward after hitting the $4.4070 resistance.
SNXUSD Significant Zones
Demand Zones: $1.8660, $1.4300
Supply Zones: $4.4070, $8.1960
On the 1st of April, 2022, SNXUSD retracted towards the 8.1960 price level only to dive further downward. The $4.4070 previous support was then hit twice before surrendering to the pressure of the bears. The aggressiveness of the bears in driving the price downward could be seen in the steepness of the candlesticks. The SNXUSD found a downward trendline along the way, and the downward trendline was used to ride the trend downward. This downward trendline was used at different points in time as resistance and support.
The downward trend continued till the end of the first half of the year. The price began to appreciate plausibly after hitting the $1.4300 demand zone. This plausible rally lasted until July 28th, 2022.The $4.407 resistance was hit and the price responded immediately by purging down to break a trendline to the downside. Notably, prices gyrated about this trendline for over two weeks before conforming to the orders of the bears. An old low was created on the 1st of July 2022. This old low was invalidated as the market sought sell-side liquidity on the 13th of October, 2022.
Market Expectation
The price hit the daily order block on the 13th of October, 2022. Ever since then, SNXUSD has been rallying in fractals on the four-hour chart. The SNXUSD buyers are expected to keep riding the trendline upward. Should the trendline get broken to the downside successfully, the price might return to the daily order block.
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