Synthetix traži 14% dobitaka nakon ove bikovske formacije

The Analiza cijena Synthetixa is bullish today. The price is gearing up to mint more gains amid the recent bullish market structure. However, additional buying interest is required to break through the ongoing consolidation. If the price could breach the $3.20 hurdle, it would be a discount buying opportunity for the sidelined investors.

As of press time, SNX/USD is exchanging hands at $3.04, up 0.79% for the day. The 24-hour trading volume shoots up 167% to $155,625,035 according to CoinMarketCap data.

• Synthetix price edges higher extending the days of consolidation.
• A bullish formation on the daily chart makes the bulls hopeful.
• However, a daily close below $2.92 would be a concern for the buyers.

Synthetix price extends consolidation

 On the daily chart, the Synthetix price is trading inside a “Rising Channel” pattern, forming higher highs and lows.

Currently, SNX  is hovering near the support level of the channel. The price took a deep dive from its recent swing high due to the emergence of the sellers to its recent lows with a more than 35% fall, extending from August 11 to August 20.

To add more pressure, the price slipped below the 50-day exponential moving average, implying a worrisome. 

Further, the formation of a  bullish harmonic pattern called the “Gartley pattern”, gives a positive sentiment. It’s a short-term reversal pattern, which occurs when the price starts to reverse from 78.6% of the Fibonacci retracement of its previous trend.

As per the pattern, we can expect a bounce toward 50% Fib. level ($3.53) to 61.8% fib. Level ($3.72). 

The nearest support is the swing low, which is $2.92, whereas the nearest resistance could be found at $3.35. There is a higher probability of the price breaking the resistance level, & reach its given targets.  “Buying on dips” is the best course of action we can go with.

 On the two-hour time frame, SNX produces a  breakout of a “Volume Contraction” Pattern.

Ključ ovog obrasca je da mora doći do kontrakcije volatilnosti kako se grafikon kreće s lijeva na desno. Ovo naglašava da se raspoloživi volumen smanjuje i postaje oskudan. Osim toga, što je dramatičniji u obimu, veća je vjerovatnoća da će taj potez biti eksplozivan. Iznad proboja je praćeno povećanjem relativnog volumena.

Takođe pročitajte: http://Five Reasons Why Bitcoin Price Neared The Bottom Already?

In contrast, a break below the $2.920 level could invalidate the bullish outlook. And the price can be below $2.80

SNX is slightly bullish on all time frames. above $3.20 closing on the hourly time frame, we can put a trade on the buy side.