News

Synthetix (SNX) remained in a bullish zone above $15.00, despite pullbacks in bitcoin and ethereum against the US Dollar. SNX price is likely to rally towards $20.00 if it clears the $16.00 hurdle.

  • There was a steady increase in synthetix’s SNX price above $12.00 against the US dollar.
  • The traded to a new yearly high at $16.01 and settled well above the 100 simple moving average (4-hours).
  • There is a major rising channel forming with resistance near $16.00 on the 4-hours chart of the SNX/USD pair (data source from Coinbase).
  • The pair is likely to continue higher towards $18.00 and $20.00 as long as it is above $12.50.

SNX Could Rally Further

After a close above the $12.00 and $12.50 pivot levels, SNX saw a steady increase towards the $15.00 level against the US Dollar. Recently, there was a sharp downside correction in bitcoin, ethereum, and other major altcoins.

However, SNX remained in a bullish zone above $14.00 and $15.00. It even broke the $15.50 level and traded to a new yearly high at $16.01. It is currently consolidating gains above $15.00 and the 100 simple moving average (4-hours).

An initial support on the downside is near the $14.65 level. It is close to the 23.6% Fib retracement level of the recent increase from the $10.31 low to $16.01 high. The first major support is near the $14.00 level.

Source: SNXUSD on TradingView.com

On the upside, the bulls are facing hurdles near $16.00. There is also a major rising channel forming with resistance near $16.00 on the 4-hours chart of the SNX/USD pair. A clear break above the $16.00 level could open the doors for another rally.

In the stated case, the bulls are likely to aim a test of the $18.00 level. The next major resistance on the upside is near the $20.00 level.

Dips Supported?

If SNX price struggles to continue higher, it could correct lower below $14.50. The first major support is near the $14.00 level, below which it could test the 50% Fib retracement level of the recent increase from the $10.31 low to $16.01 high at $13.15.

The channel support is also near the $13.15 zone. A downside break below the channel support could start a major downside correction towards the $10.50 and $10.00 support levels.

Technical Indicators

4-hours MACD – The MACD for SNX/USD is gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for SNX/USD is currently well above the 50 level.

Major Support Levels – $14.65, $14.00 and $13.15.

Major Resistance Levels – $16.00, $18.00 and $20.00.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Proper Altcoin Season While Bitcoin Drops Has Traders “Cautious”
Bank of France settles $2.4M fund in central bank digital currency pilot
BlackRock’s new SEC filings list Bitcoin derivatives as possible investment
Ethereum Rallies Towards All-Time Highs as BTC Stalls; What Analysts are Saying
Pre-Register Now on Aladdin Exchange to Receive 100 TNC Coins

Leave a Reply

Your email address will not be published. Required fields are marked *