Synthetix (SNXUSD) Comes Crashing Down after a Bullish Round
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Synthetix Analysis – SNXUSD comes crashing down after attaining a high of $2.730
Synthetix comes Crashing down after riding up in a bullish round to the $3.450 significant level. The coin was similarly pressed down after attaining the same key level on May 31st, 2022. However, on reaching the key support level at $1.520, the coin spiked upward again with consecutive bullish candlesticks back to $3.450, where it has once again been rejected.
Synthetix Key Levels
Resistance Levels: $3.450, $4.550
Support Levels: $1.520, $2.730
A series of bullish-bearish reactions has similarly occurred at the $4.550 key level. The price level had to bear a lot of downward pressure as a bearish push came continually towards it. This spans from December last year up to last month. The price level eventually gives way, and the price drops to its current zone between $3.450 as resistance and $1.520 as support.
There are vigorous reactions as the coin accumulates between critical levels. The market first tapers through a triangle till it breaks upward. However, on rejection at $3.450, leading to a drop, followed by counter-reactions, Synthetix has now assumed the design of an expanding triangle. There is a slightly higher tendency to break through to the downside due to the prevailing bearish trend.
Market Expectations
On the 4-hour chart, rejection at the $3.450 key level has plunged the price below the MA period 50 and the $2.730 key level. In addition, the Momentum indicator has also dropped from a higher level and has presently taken a sideways movement direction. SNXUSD will try to struggle upward, but it is expected to fall back to the support level at $1.520 eventually.
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