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Synthetix Technical Analysis: SNX Flips Resistance Into Support Synthetix price bounces off support at $3.40 in readiness for a breakout to $5.00. SNX/USD is drawing closer to the resistance at the 50EMA, likely to delay the bullish scenario. Synthetix Network Token price fell in tandem with other decentralized finance (DeFi) tokens. The lending, borrowing, and liquidity ecosystem has been dealt a heavy blow amid the downtrend in the market. Synthetix cut short the recovery staged following the dip in the first week of September. A step above $6.00 was key for the bull run towards $10.00 but it found the bulls exhausted and the bears ready for revenge. The declines followed the confines of a parallel descending channel. Support at $3.40 came in hardy, preventing the bearish leg from extending to $3.00. A reversal is currently underway. SNX has already stepped above $4.00, support confirmed earlier in September. Moreover, the DeFi token trading above the parallel channel, after a bullish flag confirmation. The uptrend is highlighted by the Relative Strength Index (RSI), after a sustained recovery from the oversold region. If the RSI maintains the positive gradient into the overbought zone, SNX is likely to continue with the uptrend aiming for levels above $5.00. The resistance at the 50 Exponential Moving Average (EMA) must, however, come down for the expected gains to materialize. More hurdles are envisaged at the 100EMA in the 4-hour range. On the flip side, short term support at $4.00 must be guarded at all costs. Otherwise, SNX could resume the downtrend, eyeing $3.00. Synthetix Intraday Levels Spot rate: $4.25 Relative change: -0.025 Percentage change: -0.8% Trend: Bullish Volatility: High
BINANCE:SNXUSDLong
by CoinGape
1
SNX USDT ShortEntry 6.632 TP 6 SL 7.2 Think we are due for a short term drop here . Fisher crossed and RSI has peaked, you will also see the wicks up tp $7 region showing rejection in recent times. Although SNX is in a 4hr uptrend in the supertrend indicator the Total Crypto Market Cap is actually in a downtrend, see link, this is the stronger force as there is no reason to believe SNX will behave especially different to the market right not, I expect to see SNX falling to at least the $6 bottom of the SNX Trend If you appreciate this please like, follow and subscribe to permium for more trades and analysis.
Short
by CryptoKevin86
LEND + YFI + CRV | Levels for DeFi Yield Farming Tokens 🌾🚜🐄💬 Any cross-section of DeFi will look good due to yield farmer FOMO. However, some serious projects like LENDUSDT, YFIUSDT, CRVUSDT look especially good to us from both a TA and FA standpoint. Yield farmers can utilize LEND's AAVE platform to farm Curve's yCRV using YFI Vaults. Meanwhile, while Curve's current chart looks a bit like how do you say 💩, the underlying Curve technology is interesting, and thus at least some of those farming yields may want to be aware of support and resistance levels not only for LEND and YFI, but for Curve as well (even if only to maximize gains from yields). Hit that 👍 button to show support for the content! Help the community grow by giving us a follow 🐣 ----- LENDUSDT Support: S1: The S/R Flip range is where the most bullish of bulls will hope to find support. There is no rule that says LEND needs to consolidate more or test lower support before running. This DeFi gem is hot and could keep moving. S2: Sure S1 is nice, but for a healthy uptrend there is no better support for bulls than the S2 S/R and orderblock range. This range would offer just the right amount of consolidation and could even result in a move right off the trend line. S3: A quick wick down to the S/R and orderblock cluster if S2 doesn't hold also makes sense. We lose bullish market structure below this, so look for S3 to save us if things get shakey. YFIUSDT Support: S1: There is only one logical place to look for support for YFI, that is this orderblock cluster at the bottom of the consolidation range. Not like other support can't be found, but one doesn't want to see too much retracement after such a run. Resistance: R1: The S/R flip at the previous swing high is our first resistance point. R2: If the bulls can take R1, then the orderblock range at the previous high is our last point of resistance before YFI's price starts putting BTC to shame. CRVUSDT Support: S1: People are farming CRV and dumping it, striping VC Curve holders of their natural resource (value). That said, bears better hope the farmers can dump below the S1 orderblock range, because there is some solid support there and the more it is tested and holds, the more it looks like a potential bottom. Resistance: R1: Everyone is likely to take profits at the orderblock at the previous high, so watch for resistance here. R2: A break above R1 means an uptrend could be in the works, it would be wise to look for a pullback at the S/R flip range here and consolidation on R1. ----- Summary: People are rushing into LEND and YFI to farm coins like CRV. As long as that gambit is playing out, we should see the current trends continue. Given that, we want to look for entries in LEND and YFI at support and cautiously dump our CRV crops at resistance. That said, Curve has some potential as an FA play, so it may be worth watching for how it reacts at support and resistance before fully dismissing it. Resources: defiprime.com ✨ Drop a comment letting us know what you think of this down below! ✨
by AlphaBotSystem
8
SNX/BTC Double TopNotice the double top which has formed on the chart; with a lower second top indicating buyer exhaustion. Also notice the candle stick with a long wick to the down side also indicating a potential reversal. There is the potential for this thing to drop around 40% (Its had one hell of a run!). It might over shoot on the downside past that point if the selling is violent enough. THIS IS NOT FINANCIAL ADVISE, ONLY ENTER AN INVESTMENT POSITION AT YOU OWN RISK; CRYPTO IS VOLATILE.
Short
by DuubDigital
$SNX: A Possible Breakout in the Chart Pattern!SYNNEX Corporation, a business process services company, provides business-to-business services that help their customers and business partners grow and enhance their customer-engagement strategies. Headquartered in Fremont, CA, and with operations in more than 30 countries, SYNNEX is an industry leader in IT distribution and customer care outsourced services, operating in two business segments: Technology Solutions and Concentrix. SYNNEX brings the most relevant technology solutions to the IT and consumer electronics markets to help their partners sustainably grow their business. With more than 100,000 associates operating in 25 countries and with fluency in over 40 languages, their Concentrix division delivers high-value business services and solutions for the customer-relationship lifecycle to more than 450 clients. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and was ranked 198 on the 2017 Fortune 500. Synnex Corp with the symbol "$SNX" is currently rated "Strong Buy" in one of the reliable equity research firms due to its value, growth and momentum. Historical EPS growth for 3 to 5years is 20.40% At a current price of 109, it is still within the bullish trend from its low on March 18 at 52.06. It is climbing towards a major resistance level of 114 which may break out especially anticipating good news on the next report which will be June 23. There are 5 analysists who recommend a "strong buy" while radar of hedge funds are waiting to move towards buying which gives a strong signal to break another resistance level at 121. What is your take? Do you think the chart pattern is moving towards a break-out?
NYSE:SNXLong
by EAForexGlobal
4