Synthetix (SNX) Seeks to Extend Profits Above the $2.470 Price Level

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. Let’s 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.

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