Synthetix (SNXUSD) Momentum Is Declining as Buyers Prepare to Buy
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SNXUSD Analysis – Momentum is declining as buyers prepare to buy
SNXUSD momentum is declining as buyers prepare to buy at the daily order block. The market is currently in a bearish trend. The prior bullish trend ended on April 1st, 2021, at the year’s high. Since that time, prices have been declining. As SNXUSD buyers could not reach the year’s high, which formed at $8.18, it became the ceiling for prices.
SNXUSD Major Zones
Demand Zones: $1.50, $0.50
Supply Zones: $4.40, $7.30
The failure swing formed in April 2021 caused more SNXUSD sellers to raid the market. SNXUSD continued waning downward until it reached the previous support level. The previous support was located at the $1.40 price level. From the previous $1.40 support, prices have rebated back upward into a bearish mitigation block. This bearish mitigation block emerged as the SNXUSD sellers drove prices down from the year’s high. The SNXUSD buyers were unable to go beyond the bearish mitigation block. SNXUSD buyers were also faced with both the diagonal and horizontal resistance, which is sufficient to rebuff the market to the downside.
The sudden expansion caused by the bearish mitigation block to the downside marked the five-month high as prices wanted to go further downward. With the Moving Average Convergence Divergence (MACD) turning into horizontal lines along the zero line. It appears the selling pressure needed to drive the price down is unavailable. SNXUSD buyers might eventually hijack the market’s movement until the old high at $3.575 is broken.
Market Expectation
Since the return of the bearish breaker block on the 17th of September, 2022, the market’s overall trend has been moving in a declining channel. The four-hour diagonal support should act as a rebuff against the incoming downtrend as SNXUSD reluctantly moves into the daily bullish order block.
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