Technical Analysis for SNXUSD for 21st March 2023
Synthetix in a Bull Flag after a 45% Surge
Past Performance of SNX
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: $3.3
Support level to watch: $2.5
Disclaimer: Opinions expressed are not investment advice. Do your research.
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