SNXUSD 1WSNX ~ 1W
#SNX Return to the accumulation zone. It is very interesting to start buying again in this Support zone. long term target of at least 25%+
Snxusdsignals
SNXUSD hit both the 1D MA50 and MA200. Bullish or bearish?Synthetix (SNXUSD) is testing today both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line) following a 6 day rise after a -42.20% decline from the July 14 High. Such a decline was last seen on the May 12 low, where the price rebounded like now but failed to close above the Resistance of the previous Lower High and dropped more to touch the Higher Lows trend-line (bottom) of the 1-year Triangle pattern.
As a result we are buying short-term but our target is limited to the 2.6500 Resistance. If it closes a 1D candle above it, we will extend buying to 3.1300 (Resistance 1). If the price closes a 1D candle below the 0.618 Fib (which didn't happen during the June rebound), then we will wait for a lower risk buy near the Higher Lows trend-line again (targets will remain the same).
Note that, as with now, there has been a MACD Bullish Cross on both May's and June's price increases.
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SNXUSD About to test the mid-2021 Resistance!It was just 2 months ago when we called for a short-term bullish move on Synthetix (SNXUSD) and projected a major break-out in January 2023:
The projection was modelled out of the Lower High legs of the Bear Cycle since May 18 2021. All three fractals pointed to a break of the May 2021 Lower Highs trend-line by the end of January 2023, with the one that has come the closest in candle action being the black. As you see not only did it hold the Support Zone but at the same time matched perfectly the January rebound that followed.
Ideally we would like to see a weekly candle closing above the 1W MA50 (red trend-line) for the first time since September 2021, but the Lower Highs trend-line would be a significant break-out on its own.
The Fibonacci retracement levels can provide a fair target framework SNX marches its way into the new Bull Cycle.
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SNXUSD Short-term bullish, major break-out Jan 2023!The Synthetix Network token (SNXUSD) is having a very bullish day following the rebound on the June Support Zone. Being still restrained below two Lower High Resistances, April 01 2022 and May 18 2021, this is a short-term rebound that targets the 1D MA200 (orange trend-line).
However, having rebounded on the 1W RSI Support Zone, this bounce can be similar to the previous two counter trend rallies since June 2021. All plotted on today's price action, those point to a break-out above the May 18 2021 Lower Highs trend-line by January 2023! Only a break below the June 18 2022 Low can invalidate this.
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