Synthetix (SNX/USD) Dives Into Demand Zone
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SNX Market Analysis
Synthetix has posted lower highs without concurrent lower lows. The volatile dive in price since the 19th of May has failed to break through the demand zone at $10.350. Price is seen to bounce on the zone multiple times. The market revealed sharp rejection at the demand zone with a long wick beneath the bearish candle’s body for that day. 
The market made a second attempt on the 29th of May but failed to break through the thoroughly defended zone. Currently, the market has reached for the zone which makes the third time since the sudden plunge in price on the 19th of May. The failure to break the zone multiple times has formed a descending triangle in the market.
SNX Key Levels
Demand Zones: $10.350, $16.000
Supply Zones: $23.000, $23.000
SNX Market Anticipation
The market has posted a wick just below the demand zone on the bearish daily candle. The wick appears to be a take-off sign. 
The four-hour chart shows a tweezer bottom which is a bullish reversal sign. The Stochastic Oscillator on the four-hour chart is seen to take off from the oversold region which correlates with the indicator on the daily showing oversold. The daily bearish candle has dived into the longer Bollinger band. Price has moved slightly higher since it touched the indicator’s lower band.
The market is likely to fill up the descending triangle before it eventually breaks out higher to reach $16.000.
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