Synthetix (SNXUSD) Buyers Are Poised to Reverse the Market Trend to the Upside
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SNXUSD Analysis: Buyers are poised to reverse the market trend to the upside
SNXUSD buyers are poised to reverse the market trend to the upside. The market has remained bearish ever since the beginning of the bearish season late last year. With the market descending steadily down the crest, it proceeded into diagonal support on the 10th of January, 2022. Since then, the SNXUSD sellers have been riding the diagonal support downward.
Market Significant Zones
Demand Zones: $2.10, $1.0
Supply Zones: $4.40, $5.20
As the market kept respecting the diagonal support, SNXUSD buyers took every opportunity to buy on the bounce of prices against the diagonal support. This pattern kept repeating until a sudden rise in price on the 17th of June, 2022. Before the sudden runaway of price from the diagonal support, an order block caused the breakout of price from the previous support at $4.40. This order block was used to prolong the bearish movement in the market as the bears stormed the market on the 6th of August.
The sudden run-away in price from the diagonal support revealed the intent of the SNXUSD buyers as they left traces along the way. The traces left behind were the fair value gap and the bullish order block that initiated the rally in price. As prices refused to break beyond the resistance at $4.40, prices kept crashing downward, balancing the inefficiency in the market and moving to fill the bullish order block. The RSI indicator currently shows a bullish divergence in the market. This indicates a possibility of a reversal of the trend to the upside soon.
Market Expectation
The market’s order flow is also bearish on the four-hour chart. The bearishness began on the 29th of August, 2022. As soon as prices crash into the daily fair value gap, a shift in the market structure will be expected. This shift in the market structure is projected to attract more SNXUSD buyers into the market as all buy stops at the four-hour-old highs will be cleared off.
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