Synthetix (SNX) remained in a bullish zone above USD 15.00, despite a decline in bitcoin and ethereum against the US dollar. SNX price is likely to climb towards USD 20.00 if it clears the USD 16.00 hurdle.
- There was a steady rise in synthetix SNX price above USD 12.00 against the US dollar.
- They traded to a new annual high of $ 16.01 and settled well above the simple 100 (4-hour) moving average.
- A major bullish channel is forming with a resistance near USD 16.00 on the SNX / USD pair’s 4 hour chart (Coinbase data source).
- The pair is likely to continue higher towards USD 18.00 and USD 20.00 as long as it stays above USD 12.50.
SNX could get further
After a close above $ 12.00 and $ 12.50 pivot levels, SNX saw a steady rise towards $ 15.00 against the US dollar. Recently there was a sharp downward correction in it bitcoin, ethereum, and other great altcoins.
However, SNX remained in a bullish zone above USD 14.00 and USD 15.00. It even broke the USD 15.50 level and traded towards a new annual high at USD 16.01. It is currently consolidating gains above $ 15.00 and the 100 simple (4 hours) moving average.
An initial support on the downside is close to USD 14.65. It is close to the 23.6% Fib retracement level of the recent rise from the low of $ 10.31 to the high of $ 16.01. The first major support is near USD 14.00.
Source: SNXUSD on TradingView.com
On the upside, the bulls are facing hurdles near USD 16.00. A significant bullish channel is also forming with resistance near USD 16.00 on the 4-hour chart of the SNX / USD pair. A clear break above the USD 16.00 level could open the doors for another rally.
In the case mentioned, the bulls are likely to pursue a test at $ 18.00. The next big resistance on the upside is near the USD 20.00 level.
If the SNX price struggles to stay higher, it could correct lower below $ 14.50. The first major support is near the USD 14.00 level, below which it could test the 50% Fib retracement level of the recent hike from the low of USD 10.31 to USD 16.01 at USD 13.15 .
Channel support is also near the $ 13.15 zone. A downside break below the channel support could start a major downside correction towards the USD 10.50 and USD 10.00 support levels.
4-Hour MACD – The MACD for SNX / USD is gaining pace in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for SNX / USD is currently well above the 50 level.
Key Support Levels – USD 14.65, USD 14.00 and USD 13.15.
Key Resistance Levels – USD 16.00, USD 18.00 and USD 20.00.