Synthetix remains in the bullish zone while going above $15.00 despite the pullbacks in the digital assets, bitcoin and ethereum against the U.S. dollar. The price of SNX is more likely to rally up to the $20.00 if it becomes able to create a $16.00 hurdle.
After closing above the mark of $12.00 and $12.50 pivotal level, SNX sees a steady increase close to the $15.00 level against the U.S. Dollar. There was a sharp downside correction in recent times with bitcoin and ethereum, along with the other altcoins.
However, SNX is still remaining in the bullish zone above the $14.00 and $15.00. It’s also breaking the $15.50 levels and trading with the new year high at $16.01. It is not going above the gain with the mark of $15.00, along with the simple moving range of 100.
The support at the beginning from the downside is going near the $14.65 level. It will also close the 23.6 % Fib retracement level from the current increase from the low level of $10.31 to the high of $16.01 mark. Also, the first major support is coming from the $14.00 level so far.
From the upside, the bulls are facing hurdles near the level of $16.00. Another major channel is riding with the formation of the resistance near the mark of $16.00 on the chart of 4 hours from the SNX / USD pair. Another clear break is going above the $16.00 level that can open the doors for another rally.
The bulls continue to aim to test above $18.00 levels. The major resistance, which is coming up next, is near the $20.00 level near the upside.
The price of SNX is still struggling to become higher, as it could correct the lower with the below mark of $14.50. The first major support is coming from the closing level of $14.00. Below this level, the test can go with a 50% Fib retracement level of the recurrent increase from $10.1 low level to $16.01 high level at $13.15.
The channel is also getting support near the $13.15 zone. The downside break is coming below the channel’s support, which can start a major side of correction towards the level of support with $10.50 and $10.00.
Source: https://www.newsbtc.com/analysis/synthetix-snx-could-rally-to-20/
