Market insights
SNX: Buy the dipHello Traders!
Welcome back to another trade with Analyst Aadil1000x.
Today we are going to set a buy limit in SNX at the key reversal area.
SNX Buy Limit @ 2.569
Stoploss 2.521(-1.87%)
Target 1, 2.643(+2.88%)
Final Target 2.755(+7.24%)
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#Synthetix Expanding with Rising Volumes, Resistance at $2.05Past Performance of Synthetix
Synthetix is up 46 percent from the December low and relatively stable, checking the performance in the daily chart. As asset prices soar, SNX is stagnant, trading below the $2.05 resistance level. Even so, the leg up in the past few days places buyers at a pole position for a breakout toward new Q1 2023 highs.
#Synthetix Technical Analysis
Traders are upbeat, expecting more. In the daily chart, SNX traders may look for more gains in the days ahead. Notice that losses of December 16 have been reversed at the back of increasing trading volumes. This is a net positive from an effort versus result perspective, a refreshing development after losses in 2022. Given that SNX bars align along the upper BB and the coin above December 16 highs, every low provides an opportunity for optimistic traders to load the dips, targeting $2.05. Unexpected contractions pushing SNX below $1.50 and the middle BB nullify this bullish outlook.
What to Expect from #SNX?
SNX prices are stable, but volatility is low. The upside momentum is strong, with signs that Synthetix could break above $2.05 in continuation of gains traced to late December. As it is, SNX is firm as long as prices are above the middle BB and $1.50.
Resistance level to watch out for: $2.05
Support level to watch out for: $1.50
Disclaimer: Opinions expressed are not investment advice. Do your research.
SNXUSDT | LONG ON BREAKOUTSNX has been trading in a bearish trend .
The bearish trend was well respected by falling resistance .
The price has been making lower lows and lower highs.
Now after taking support from horizontal zone, the price has broken above the falling resistance .
The bulls can take complete control above the falling resistance
Manage your levels accordingly.
SNXUSDT - Long by Supertrend, ADX & MA 1/5/20231. ADX INDICATOR: 1h & 4h timeframe have a strong strength for open trade.
- ADX smoothing: 14.
- DI length: 14.
- ADX STRONG > 25.
2. SUPERTREND INDICATOR:
- Long trend when closes candle is above the green line.
3. MOVING AVERAGE INDICATOR:50
- Long trend when closes candle is above MA line.
- BUY/LONG: reject to Supertrend at current timeframe.






















