Synthetix (SNXUSD) Is Stabilizing its Market at the $2.730 Support Level
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Synthetix Analysis – The market is stabilizing itself at $2.730
Synthetix is stabilizing its market at the $2.730 support level. This comes after the coin became weary from holding on to $4.550. Bearish pressure contributed to the plunge of the market below this key level. However, after dipping below $2.730, the coin is now clawing back to the support level where it is stabilizing itself before further market directions.
Synthetix Key Zones
Resistance Levels: $9.000, $8.000
Support Levels: $4.550, $2.730
The former level of stability for Synthetix is at the $4.550 price level. The level helped to defend the market when it dipped strongly from $9.000. Thereafter, the coin can be seen fluctuating heavily around the level as both bulls and bears take turns swaying the market. The price level remained an anchor for the price for approximately 5 months before bears delivered the blow that dipped it to $2.730.
SNXUSD may be repeating its movement as it tries to get onto the $2.730 support level to stabilize itself. Following this, the EFI (Elders Force Index), which is currently at a negative value, has been redirected and is rising steeply upwards. The Parabolic SAR (Stop and Reverse), though, has not confirmed the uptrend on the daily chart.
Market Expectations
On the 4-hour chart, more progress being made in the market by the buyers is evident. The candlesticks have taken a position above $2.730 and are expected to stabilize above it. The alternating dots of the Parabolic SAR around the 4-hour candles suggest this. Also, the EFI power line has risen to an equilibrium level, further lending credence to market stability. This will mean Synthetix will likely begin consolidation with $4.550 as resistance.
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