The Bears Are in Control of Synthetix (SNXUSD)
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Synthetix Analysis: Price Falls as the Bears Are in Control of SNXUSD
The bears are in control of the SNXUSD market. This is seen with the falling wedge on the daily timeframe. The resistance zones have been overall successful in their defence. The demand zones have continued to be violated. Each support zone is turning into a resistance zone, as seen on the daily timeframe. The previous year, SNX reached its zenith at $21.180. On the 14th of February, the resistance zone was hit.
SNXUSD Major Zones
Demand Zones: $3.600, $7.130
Supply Zones: $13.610, $27.180
After the exhaustion of the bulls, the bears took control of SNXUSD. The Moving Averages (Period 9-Purple and Period 21-Green) intersected to signify the market’s bearish tone. The market initially respected $13.610. The bears came to a halt at the level and retraced their steps. On the second strike, the $13.610 zone was violated.
The bears were in control of SNXUSD throughout May and into June. The bulls attempted to regain control of SNXUSD. The bulls went long at $7.130 during the last week of June the previous year. They found resistance from the bears at $13.610. The bears regained control of the market. This caused the price of SNX to dive to $3.600.
What to Expect From SNXUSD?
The demand zone has been tested at $3.600. The demand zone is likely to give way since the bears control SNXUSD. The Stochastic is currently overbought. The Moving Averages now have crossed over to go up. This is likely to create a retracement to equal highs where the bears can go short safely to violate the $3.600 demand zone. The market is still bearish on both the higher and lower timeframes.
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