Technical Analysis for SNXUSD for 12th April 2023
Synthetix in a Wedge, Will SNX Breakout Above $3.4?
Past Performance of SNX
From a top-down preview, Synthetix prices remain bearish. It is, albeit attempts for higher highs in the past few days. For content, SNX is down 91% from 2021 peaks. Moreover, the medium-term resistance level is down 40% from the August 2022 highs. Per the current formation, they remain inside a wedge. Bears are diffusing attempts for buyers to gather momentum and rip higher.
Synthetix Technical Analysis
After months of lower lows, SNX prices found their bottoms in December 2022. It has since recovered, adding 85% in three months. With buying pressure still evident, traders might look to buy on every attempt lower. Already, this preview is supported because prices are still capped inside the bull bars of March 12 and 13. Since bears have failed to break below $2.3 and $2.1, buyers are still in control. Accordingly, every dip above these support levels and March 12 low might be an opportunity to double down. However, clearer entries might be above $2.8 or even March 2023 highs at $3.4. Losses below $2.1, on the other hand, will cancel out this outlook.
What to Expect from SNX
The crypto market might be recovering at spot rates. However, from the candlestick arrangement, SNX prices are within a wedge, and the token is under pressure below $2.8 and $3.4. For trend continuation, conservative traders can wait for a clean break above March highs before riding the uptrend.
Resistance level to watch: $2.8
Support level to watch: $2.3
Disclaimer: Opinions expressed are not investment advice. Do your research.
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