THELOGICALINDIAN - Synthetix SNX remained in a bullish area aloft 1500 admitting pullbacks in bitcoin and ethereum adjoin the US Dollar SNX amount is acceptable to assemblage appear 2024 if it clears the 1600 hurdle
SNX Could Rally Further
After a abutting aloft the $12.00 and $12.50 axis levels, SNX saw a abiding access appear the $15.00 akin adjoin the US Dollar. Recently, there was a aciculate downside alteration in bitcoin, ethereum, and added above altcoins.
However, SNX remained in a bullish area aloft $14.00 and $15.00. It alike bankrupt the $15.50 akin and traded to a new annual aerial at $16.01. It is currently accumulation assets aloft $15.00 and the 100 simple affective boilerplate (4-hours).
An antecedent abutment on the downside is abreast the $14.65 level. It is abutting to the 23.6% Fib retracement akin of the contempo access from the $10.31 low to $16.01 high. The aboriginal above abutment is abreast the $14.00 level.
On the upside, the beasts are adverse hurdles abreast $16.00. There is additionally a aloft ascent approach basic with attrition abreast $16.00 on the 4-hours blueprint of the SNX/USD pair. A bright breach aloft the $16.00 akin could accessible the doors for addition rally.
In the declared case, the beasts are acceptable to aim a analysis of the $18.00 level. The abutting above attrition on the upside is abreast the $20.00 level.
Dips Supported?
If SNX amount struggles to abide higher, it could actual lower beneath $14.50. The aboriginal above abutment is abreast the $14.00 level, beneath which it could analysis the 50% Fib retracement akin of the contempo access from the $10.31 low to $16.01 aerial at $13.15.
The approach abutment is additionally abreast the $13.15 zone. A downside breach beneath the approach abutment could alpha a above downside alteration appear the $10.50 and $10.00 abutment levels.
Technical Indicators
4-hours MACD – The MACD for SNX/USD is accepting clip in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for SNX/USD is currently able-bodied aloft the 50 level.
Major Support Levels – $14.65, $14.00 and $13.15.
Major Resistance Levels – $16.00, $18.00 and $20.00.
