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SNXUSDT trade ideas

#Synthetix in a Bull Flag after a 45% SurgePast Performance of Synthetix Synthetix prices are firm, adding roughly 45% from last week's lows. Though prices are inside a bull flag, buyers are determined to press on. In the short term, resistance remains at around $3.3. Any surge above this reaction line may see the token break higher, printing new 2023 highs in continuation of buying pressure from Q4 2022. #Synthetix Technical Analysis The bull bars of March 12 and 13 define the current uptrend. Buyers may be in control from the daily chart, but prices are bound within the two bullish engulfing bars. Though this is positive from an effort versus result perspective, there needs to be a strong push above the flag and $3.3 for a trend continuation. Therefore, considering the setup in the daily chart, aggressive traders may load the dips above the base of the flag at around $2.5 with targets at $3.3. Meanwhile, conservative traders can wait for a clean, high-volume break above Q1 2023 highs before ramping up with targets at $3.6 and $4.2. In this way, they will align with the dominant trend established in Q4 2022. What to Expect from #SNX? Traders are positive, but there must be a clear trend definition in the short term, above or below the current consolidation. Any upswing may draw demand, pushing SNX to new levels. Resistance level to watch out for: $3.3 Support level to watch out for: $2.5 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
1
SNX price has growth prospects for at least x2-x3. Where to buy?Last week, buyers of SNX were very active and managed to organize a +70% increase. This is a good result, but they still failed to break through the trend line that has been stretching since the beginning of 2021 and consolidating price above it. (If you narrow the chart, you will see the entire trading history of SNXUSDT) And although it was not possible to break above the trend line, this maneuver indicates that we need to monitor SNX more carefully. If you asked us where it is safe to buy SNX in your medium or long-term investment portfolio, we would answer: if the SNXUSDT price does not fall below $2.20 in the coming days/weeks, it is a strong long. Or wait for SNX buyers to break through the upward trend line and gain a foothold above $3.15 The choice is yours) _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
by P_S_trade
40
Upward Trend Despite Recent VolatilitySynthetix Network Token (SNX) is a digital asset currently trading at $2,850 per token. Looking at the daily timeframe, the Relative Strength Index (RSI) is now at 54.5, indicating that the asset is not overbought or oversold. The volume oscillator is at 5.67%, which suggests that there has been moderate trading activity in the asset. When considering the Fibonacci levels, the 0 Fibonacci level is at 2.219, the 0.5 Fibonacci level is at 2.660, and the 1 Fibonacci level is at 3.100. These levels indicate possible support and resistance levels for the asset. The daily timeframe upper Bollinger band is at 3.239, the middle Bollinger band is at 2.720, and the lower Bollinger band is at 2.200. These bands provide additional information on the asset's volatility and potential trading ranges. Looking at the Moving Average Convergence Divergence (MACD), the value is 0.008, indicating a bullish signal. The Stochastic Oscillators are at 62.11, suggesting that the asset is trending upward. The price of SNX has fallen by 10.80% in the past seven days. However, there has been a recent increase in price by 32.82% in the last 24 hours, and in the past hour alone, the price has grown by 2.00%. Notably, the current $2.86 per SNX is 90.07% below the all-time high of $28.77. Based on the given information, SNX is in an upward trend. However, it is important to remember the possible resistance levels provided by the Fibonacci levels and Bollinger bands. Additionally, the asset's recent history of volatility and drastic price changes should be considered when considering investments in SNX.
by MonoCoinSignal
4