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...
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...
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...
