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It is quite easy to see that the Synthetix market seems a bit volatile. This has caused the market to move in an unsteady manner. However, the market has rebounded since the previous session, while today’s trading has started out on a similar path. However, some indications suggest that the market is already facing rejection at this point.
SNX Statistics:
Current Synthetix Value: $4.059
Synthetix Market Cap: $1,322,189,248
SNX Kev xa khoom xa tuaj: 327,769,196
Synthetix Tag Nrho Cov Khoom Siv: 328,193,104
SNX CoinMarketCap Rank: 77
Tus nqi tseem ceeb:
Kuj: $ 4.059, $ 4.500, thiab $ 5.000
Kev them nyiaj yug: $ 4.000, $ 3.500, thiab $ 3.000
Synthetix Market Seems Quite Intriguing
Nqe kev ua ub no nyob rau hauv lub snx daily market rebounded off a support level of 50 on the Fibonacci Retracement tool. The ongoing session maintains some bullishness but seems to have started showing signs of rejection through the appearance of an upper shadow on it.
The Guppy Multiple Moving Average (GMMA) curves continue to cross each other, while the ongoing session appears caught in between the indicator lines; this somehow colors the hope of a continued upward advancement. However, the Stochastic Relative Strength Index (SRSI) lines keep trending upward following a crossover in the oversold region. Consequently, this underpins the opinion of traders who may still want to enter the market using bullish crypto signals.
SNX Downward Rejection May Strengthen
It could be seen more clearly that price action in the Synthetic 4-hour market has faced rejection through the last price candle on this chart. Yet it should be noted that a good number of the GMMA lines are still crossing each other below the price candle corresponding to the ongoing session.
Meanwhile, lub SRSI indicator lines are now approaching a crossover. A crossover on the SRSI indicator will signal a clear trend reversal. This will supply more momentum to downward rog. Nevertheless, since the crossover is still on the way, traders can hope that the upside forces retain control of price movement towards the $4.500 mark.
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