Synthetix’s SNX token could soon rally above $20 while bitcoin is correcting since the coin is still in the bullish zone despite the many pullbacks over the past few days. SNX’s price will likely rally towards $20 if it manages to clear the $16.00 hurdle as we take a closer look at today’s altcoin news.
There was a slight increase in the SNX price against the US dollar to $12 and then it traded to a new yearly high of $16.01 while settling well above the 100 simple moving average. There’s also a major rising channel forming with the resistance at the $16.00 level on the 4-hour charts of the pair. The SNX/USD pair will likely continue higher towards $18.00 and $20.00 if It manages to stay afloat at $12.50.
After a closer above the $12.00 level, SNX saw a steady increase to the $15.00 level against the US dollar but then there was a sharp downside correction in BTC, ETH, and other altcoins as well. However, SNX remained in a bullish zone above the $14.00 level and even managed to break above $15.50 while trading to a new high of $16.01. It is now consolidating the gains above $15.00 and the 100 simple moving average. The initial support on the downside is close to the $14.65 level and it is also close to the 23.6% fib retracement level from the increase at the $10.31 low to $16.01 high. The first major support is near the $14.00 level as per the charts.
On the upside, the bulls are facing hurdles near the $16.00 level with a major rising channel forming with the resistance close to the $16.00 on the 4-hour charts of the pair. breaking above this level could start another rally and in the stated case, the bulls will aim for $18.00 with the next major resistance on the upside nearing the $20.00 level.
Synthetix’s SNX token could correct lower below $14.50 if it fails to shoot higher. The first major support is nearing the $14.00 level below which it could test the 50% fib retracement level from the recent increase from lows at $10.31. The channel support is nearing the $13.15 zone with a downside break below the channel support being able to start a downside correction towards $10.50 and $10.00. The 4-hour MACD for the pair is gaining pace in the bullish zone while the 4-hour RSI is well above 50.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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