Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Price action in the Synthetix daily market has seen a decent price increase today. So far, the market has risen by over 8.0%, judging by the size of the corresponding price candle. Therefore, there may still be more moves in this market, which calls for more study to ensure profitable use of such opportunities.
Key Price Levels:
Resistance: $3.500, $4.000, and $4.500
Support: $3.000, $2.500, and $2.000
Synthetix Bulls Are Testing the 100- and 200-Day EMA Curves
The behavior of prices in the SNX daily market has revealed that today’s trading session has earlier crossed the 100 and 200-day Exponential Moving Average (EMA) lines. However, as expected, such significant price movement has triggered some headwinds, causing some price contraction.
The contractions have returned the market below the 100- and 200-day EMA curves. Meanwhile, trading activities are still above the 20 and 50-day EMA lines and the psychological support level at the $3.00 mark. Also, the Stochastic Relative Strength Index (SRSI) lines can be seen taking an upward bearing above the 80 mark of the indicator. This suggests that more upside moves may occur.
Uptrend Continuation Seems Viable in the SNX Market
In the Synthetix market, 4-hour technical indicators seem solidly behind the fact that price action may continue upwards. Here, all the EMA lines are below the price movement. Additionally, some of these lines are beginning to cross each other. However, the last price candle on this chart has appeared bearish.
Nevertheless, the price candle has no shadow and stands at a significant distance above the $3.00 mark and the EMA lines. This shows that upside forces have strong support against headwinds. This may bolster the use of bullish crypto signals, bringing more buyers into the market at this point. Eventually, the market could take off towards the $3.500 mark.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy
