Charted: Why Synthetix’s SNX Could Rally To $20 While Bitcoin Corrects

Charted: Why Synthetix’s SNX Could Rally To $20 While Bitcoin Corrects


Synthetix (SNX) remained in a bullish zone above $15.00, despite pullbacks in bitcoin and ethereum against the US Dollar. SNX price is likely to rally towards $20.00 if it clears the $16.00 hurdle.

There was a steady increase in synthetix’s SNX price above $12.00 against the US dollar. The traded to a new yearly high at $16.01 and settled well above the 100 simple moving average (4-hours). There is a major rising channel forming with resistance near $16.00 on the 4-hours chart of the SNX/USD pair (data source from Coinbase). The pair is likely to continue higher towards $18.00 and $20.00 as long as it is above $12.50. SNX Could Rally Further

After a close above the $12.00 and $12.50 pivot levels, SNX saw a steady increase towards the $15.00 level against the US Dollar. Recently, there was a sharp downside correction in bitcoin, ethereum, and other major altcoins.

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However, SNX remained in a bullish zone above

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