The SNX price underwent a notable uptrend throughout the previous day’s trade and appears a little exhausted at the moment. Yet the price is pretty poised to continue ranging high and hence hovers around the crucial resistance levels. No doubt the buying volume has depleted drastically, but the selling volume remains distinct. And hence the price may continue to consolidate above the resistance at INR 379.40 until the day’s close.
The Synthetix price for a pretty long time has been trending within a significant descending trend. And despite a flip to ignite a rebound, the asset could eventually follow a notable descending trend to reach the lower support. Therefore, the probability of the asset hitting the levels beneath INR 228.56 arises which may further ignite a strong uptrend soon.
|Short-Term||SNX price ranging high but faced a couple of rejections at the crucial resistance. Therefore a notable pullback may make its way as the asset is forming a double top pattern|
|Mid-Term||After a steep drop, the asset is attempting to stabilize and validate a flip from the bottom levels|
|Long-Term||The price is dropping hard with an accumulated selling volume, however, a minor flip or a halt may be expected in the next couple of days|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||51.77 / 44.39||Neutral / Sell|
|MACD(12,26)||0.06 / -0.04||Buy / Sell|
|Average Directional Index(ADX)||25.82 / 39.94||Sell / Sell|
|Bull-Bear Power||-0.055 / -0.86||Sell / Sell|
|Moving Average(MA)-50||INR 364.17||INR 372.55|
|Moving Average(MA)-200||INR 414.45||INR 504.35|
|Resistance||INR 379.40||INR 881.47|
|Support||INR 355.02||INR 190.46|
|Average True Range(ATR)||0.094||0.63|
The bears appear to have capitulated the SNX price as the asset is extremely bearish in all the time frames. The RSI is depleting hard, while a notable selling volume has been accumulated indicating the continuation of a descending trend. While the strength of the asset is draining, the volatility of the asset also has reduced drastically.
On the other hand, the current price just got rejected from the immediate resistance but still, a chance of a retest is high. And hence these levels could be tested and cleared in the upcoming days. However, the long-term forecast is notably bearish which may fuel the beamish trend with a minor flip towards the south from the current levels.
Additional Read: SNX Price Prediction.
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