Synthetix (SNXUSD) Flows Through Descending Triangle

Significant Levels on SNXUSD

Support Levels: $11.2500, $16.3550
Resistance Levels: $22.1350, $19.1350

SNXUSD Market Analysis

The market appears to be on a downward trend. This is evident with consistent lower lows formed in the market. A descending channel is also seen to have formed due to the market’s bearishness. The market has moved from the current year’s peak at $29.0000 on the 13th of February to a support zone at $11.2500.

The 9 MA (Moving Average) is resting above the candles after reaching for the upper border of the descending channel, thereby driving prices lower.

SNX Market Prospects

The support level at $11.2500 has effectively defended the price from going lower. Price is likely to bounce on this support zone to aim for higher prices. Synthetix is slightly above the lower border of the descending channel on the daily chart.

The 9 MA (Moving Average) is currently switching sides to go below the candles to act as support for anticipated bullishness in the market.

The Moving Average Convergence Divergence (MACD) is showing readiness for a buy. The MACD lines are about to cross below the zero mark to get ready for a buy on the daily chart.

The Stochastic indicator is also in the oversold region. Its lines have crossed each other in the oversold region showing the market’s willingness to drive price higher.

The market is likely to retest the support zone once more before moving to higher levels.

On the four-hour chart, the Stochastic indicator is showing the momentary lower drive in price to retest the support zone before the bullishness of the market is fully established.

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