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
Service for copy trading. Our Algo automatically opens and closes trades.
The L2T Algo provides highly profitable signals with minimal risk.
24/7 cryptocurrency trading. While you sleep, we trade.
10 minute setup with substantial advantages. The manual is provided with the purchase.
79% Success rate. Our outcomes will excite you.
Up to 70 trades per month. There are more than 5 pairs available.
Monthly subscriptions begin at £58.
After price action in the SNX market recovered from exhaustion near the 50 Fibonacci Retracement level. The price retracement in this market continues in the upside direction and has regained the momentum to poke through the earlier mentioned resistance. Lets examine what may happen in this market.
SNX Analysis Data
Synthetix Value Now: $2.475
SNX Market Cap: $649,261,528
SNX Moving Supply: 259,369,735.24
Synthetix Total Supply: 318,625,021.09
SNX CoinMarketCap Ranking: 65
Major Price Levels:
Top: $2.475, $2.500, and $2.600
Base: $2.450, $2.20, and $2.00
Synthetic Price Action Pokes Through the 50 Fibonacci Level
During a recent trading session on the Synthetix daily market, price action rebounded off the 9-day Moving Average curve in an upward direction. Consequently, the rebound has propelled prices just past the $2.70 mark. Furthermore, the lines of the Relative Strength Index (RSI) indicator have resumed their upside path to indicate that price action has continued its upside trajectory. Also, observing the Fibonacci Retracement tool reveals that price action is still in buyers’ territory, and at least a bit more upside retracement may be expected.
SNX Price Action May Trigger Headwind Soon
Considering SNX market activity in a shorter time frame of 4 hours, one can see that the ongoing upward retracement may soon face opposition. Here, price action has crossed above the 23.60 Fibonacci Retracement level. Also, the price level of $2.50, which is above this level, seems to have been a strong resistance mark in recent times. At this point, the last bullish price candlestick is very close to hitting this level. At the same time, the lines of the RSI have taken a downward bearing to indicate a subsiding tailwind. Consequently, traders can only anticipate a retracement of the $2.550 price mark.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus