KUCOIN:SNXETH   Synthetix Network Token / Ethereum
Chart is fairly straight-forward. I rounded up the S&R values to make it easier to reason about.

So, what are we looking at?

SNX has been in a steady downtrend vs ETH ever since March 2021. We can see somewhat of a fractal forming between the bottoming structure back in Feb-June 2020 and May-present. One important difference, of course, during the previous bull run, SNX was bouncing from the 90-day EMA on daily, whereas now it's acting as resistance.

Imo, SNX needs to break up by mid October as triangles usually are less likely to break out favourably the closer they are to the apex.

What is the course of action?

  • If you're a more cautious trader, you may want to wait for the diagonal resistance to break to the upside. SNX can be quite explosive, therefore be ready to buy the retest if one is given.
  • For the more aggressive type, it may be time to get yourself into a position with a stop just under 0.003 (-10%) or 0.0028 (-16.5%) and wait for the breakout.
This is a risky trade any way you look at it.

Downside is considerable at -50% to the first proper support at 0.0015 ETH, not considering the USD devaluation that comes with it. Similarly, USD gains are expected higher. Keep that in mind.

TP1: 0.0064 (+91%)
TP2: 0.017025 (+220%)
TP3: 0.015 (+347%)

Best of luck!

PS: This is not financial advice.

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