Range Breakout Rally Potential: SNX (Synthetix) price action hints at a range breakout rally that could lead to a significant trend reversal.
Challenging 23.60% Fibonacci Retracement: The coin is challenging the 23.60% Fibonacci retracement level, indicating a possible bullish breakout.
Target of Surpassing $4.29: Crossing the $4.29 mark could propel the Synthetix market value towards $6.
Long-term Consolidation and Comeback: After a long period of consolidation in 2023, Synthetix is making a notable comeback.
Current Market Pullback: A recent market pullback poses a challenge to the bullish momentum.
135% Increase in Two Months: Synthetix has seen a significant rise, increasing by 135% in the past two months.
Potential Evening Star Pattern: The presence of a long-range Doji candle suggests a potential evening star pattern.
Current Trading Price: SNX trades at $4.220, facing intraday losses.
Technical Indicator - MACD: The MACD in the weekly chart shows a sustained bullish trend with growing bullish histograms.
Possibility of Reaching $7.485: If SNX crosses the 23.60% Fibonacci level, it could potentially reach $7.485, a 78% increase.
Risk of Retesting $4 Level: A reversal could lead to a retest of the $4 breakout point.
Challenging 23.60% Fibonacci Retracement: The coin is challenging the 23.60% Fibonacci retracement level, indicating a possible bullish breakout.
Target of Surpassing $4.29: Crossing the $4.29 mark could propel the Synthetix market value towards $6.
Long-term Consolidation and Comeback: After a long period of consolidation in 2023, Synthetix is making a notable comeback.
Current Market Pullback: A recent market pullback poses a challenge to the bullish momentum.
135% Increase in Two Months: Synthetix has seen a significant rise, increasing by 135% in the past two months.
Potential Evening Star Pattern: The presence of a long-range Doji candle suggests a potential evening star pattern.
Current Trading Price: SNX trades at $4.220, facing intraday losses.
Technical Indicator - MACD: The MACD in the weekly chart shows a sustained bullish trend with growing bullish histograms.
Possibility of Reaching $7.485: If SNX crosses the 23.60% Fibonacci level, it could potentially reach $7.485, a 78% increase.
Risk of Retesting $4 Level: A reversal could lead to a retest of the $4 breakout point.