SNXUSD About to test the mid-2021 Resistance!

It was just 2 months ago when we called for a short-term bullish move on Synthetix (SNXUSD) and projected a major break-out in January 2023:


The projection was modelled out of the Lower High legs of the Bear Cycle since May 18 2021. All three fractals pointed to a break of the May 2021 Lower Highs trend-line by the end of January 2023, with the one that has come the closest in candle action being the black. As you see not only did it hold the Support Zone but at the same time matched perfectly the January rebound that followed.

Ideally we would like to see a weekly candle closing above the 1W MA50 (red trend-line) for the first time since September 2021, but the Lower Highs trend-line would be a significant break-out on its own.

The Fibonacci retracement levels can provide a fair target framework SNX marches its way into the new Bull Cycle.


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