Synthetixprice — Trading Ideas on TradingView

#Synthetix in a Bull Flag after a 45% Surge Past 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.

#Synthetix Expanding with Rising Volumes, Resistance at $2.05 Past Performance of Synthetix Synthetix is up 46 percent from the December low and relatively stable, checking the performance in the daily chart. As asset prices soar, SNX is stagnant, trading below the $2.05 resistance level. Even so, the leg up in the past few days places buyers at a pole position for a breakout toward new Q1 2023 highs. #Synthetix Technical Analysis Traders are upbeat, expecting more. In the daily chart, SNX traders may look for more gains in the days ahead. Notice that losses of December 16 have been reversed at the back of increasing trading volumes. This is a net positive from an effort versus result perspective, a refreshing development after losses in 2022. Given that SNX bars align along the upper BB and the coin above December 16 highs, every low provides an opportunity for optimistic traders to load the dips, targeting $2.05. Unexpected contractions pushing SNX below $1.50 and the middle BB nullify this bullish outlook. What to Expect from #SNX? SNX prices are stable, but volatility is low. The upside momentum is strong, with signs that Synthetix could break above $2.05 in continuation of gains traced to late December. As it is, SNX is firm as long as prices are above the middle BB and $1.50. Resistance level to watch out for: $2.05 Support level to watch out for: $1.50 Disclaimer: Opinions expressed are not investment advice. Do your research.

#Synthetix is down 60% from H2 Highs, SNX Support at $1.76 Past Performance of Synthetix Synthetix remains under significant selling pressure. As an illustration, the token is down roughly 60 percent from H2 2022 peaks. Overall, SNX bulls have been struggling to add to their longs following the break above the bear flag in late November. Presently, clear support levels lie at $1.56 and $1.76, respectively. #Synthetix Technical Analysis SNX bears are in command from a top-down preview. In the short term, however, bulls appear to be in control inside a bull flag shaped by the November 30 bar. Though prices broke higher in a bullish continuation formation, there was no follow-through as SNX remains in range. The immediate resistance is at $2.05, marking November highs. Ideally, traders can buy the dip at spot rates if prices are above $1.76. Alternatively, conservative traders can buy once there is a breakout above $2.05 with equal trading volumes as those of November 30. In that case, SNX may float to $2.16 on November 9 and even $2.80 marking November highs. What to Expect from #SNX? SNX remains under pressure and in consolidation. Though the broader crypto market is bottoming up, there must be assurance in the SNX price action before traders commit. For now, prices are inside a bull flag set in motion by November 30 bullish engulfing bar, placing buyers in control in the short term. Resistance level to watch out for: $2.05 Support level to watch out for: $1.76 Disclaimer: Opinions expressed are not investment advice. Do your research.

#Synthetix Buyers Upbeat but SNX Inside a Bear Flag Past Performance of Synthetix Synthetix is inches away from November and 2022 lows. SNX remains under pressure, looking at the performance in the daily chart. Presently, the token is trending inside a bear flag and within the November 8 and 9 bear candlestick. For the uptrend to take shape and SNX bulls to be relieved there must be a close above $1.85 and the flag with decent trading volumes. #Synthetix Technical Analysis SNX prices have support at $1.57, the base of the current bear flag, flashing with November 2022 lows. Unless there is a decisive follow-through, sellers have the upper hand, pushing SNX prices above $1.82 towards November 9 highs at $2.15, the immediate resistance level. A skeptical formation is the absence of participation, thrusting prices to spot rates with higher highs relative to the lower BB. Accordingly, aggressive traders can look to short and swing. Meanwhile, conservative, risk-on traders can wait for clear breakouts before riding the emerging trend. Losses below $1.57 may see SNX dump to $1.42. What to Expect from #SNX? Bulls are buoyant, but SNX remains within a bear formation. The short-term trajectory depends on whether bears will flow back, forcing the token below the triangle; or bulls flowing back, thrusting SNX above the bear flag back to November 9 highs. Resistance level to watch out for: $1.82 Support level to watch out for: $1.57 Disclaimer: Opinions expressed are not investment advice. Do your research.