Synthetix (SNXUSD) Retests Symmetrical Triangle for Bullish Drive
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SNXUSD Key Zones
Demand Zones: 16.000, 22.000, 25.400
Supply Zones: 13.000, 10.550, 6.800
Synthetix Market Analysis
SNXUSD has conformed into a symmetrical triangle pattern and buyers are poised to take advantage of the market. From the 23rd of February 2021, the market has been caught in a range between the 22.000 and the 16.000 key levels. The price initially broke out downwards on 20th April 2021 and then returned into the range a week later on 27th of April 2021. By the 18th of May, the Synthetix had gained much volatility such that it first broke upwards then downward in a very big bearish candle past the 16.000 support to touch the 10.550 support. Afterward, the market was engulfed in a descending symmetrical triangle.
SNXUSD Price Expectation
On the daily chart, a candle can be seen that has broken out upwards of the symmetrical triangle. The candle is bearish and has long wicks on both sides. This shows current indecision in the market which is due to the resistance at 13.000. The 9MA (Moving Average) can be seen on the chart moving downward showing the bearish nature of the symmetrical triangle. The Stochastic indicator has its signal lines hovering just above the oversold region.
On the 4-hour chart, the candles have broken out of the symmetrical triangle and retested the upper border of the symmetrical triangle ready for upward movement.
The 9 Moving Average can be seen to have moved slightly upwards. The Stochastic signal lines are at 64.34, showing movement upwards.
The price is expected to follow the symmetrical triangle pattern to move upwards.
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