Synthetix (SNXUSD) Buyers Find Entry in the $1.90 Demand Zone
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SNXUSD Analysis – Buyers Find Entry in the $1.90 Demand Zone
SNXUSD buyers find entry in the $1.90 demand zone. With RSI having ranging lows and prices having descending lows, this could be interpreted as the emergence of a hidden bullish divergence. While the SNXUSD sellers seem to be in control of the market’s movement, the SNXUSD sellers, to some extent, are opportune to find long positions one way or the other.
SNXUSD Significant Zones
Demand Zones: $1.90, $1.40
Supply Zones: $2.70, $4.40.
Amidst the troll-my-dames played by the SNXUSD sellers in the first half of the year, the SNXUSD buyers were still able to hijack the order flow of the market to the upside. On the 21st of June, 2022, prices surged beyond the old high to shift the market’s structure. The market had been descending the crest before this market structure shift. The downward trend was initiated by the emergence of the failure swing that formed on the 20th of April, 2022. Prices broke through the $4.40 demand zone on May 7, 2022, while also falling into an oversold region.
The mitigation block formed while the price was forming the failure swing was used to reject the market’s uptrend on the 28th of July 2022. Since the intervention of the mitigation block, prices have been declining but with less momentum. The $4.40 and $1.90 supply and demand zones mark the current trading range of the market. Currently, the SNXUSD buyers might want to drive the price into a premium range (somewhere above 50% of the Fibonacci retracement level) before exiting the market. 
Market Expectation
On the 16th of October, 2022, a price delivery occurred beyond the previous high on the four-hour chart. The four-hour bullish order block formed due to the price delivery is expected to reject prices upward in favor of the SNXUSD buyers.
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