without_worries

Synthetix (SNX) to $400 by April 2022

Long
KUCOIN:SNXUSDT   Synthetix Network Token / Tether
This is one token that has certainly not shone throughout 2021 following a 80% correction since February, however I believe that’s about to change. Why?

** significant developments on the weekly chart **

1) On the above weekly chart price action has been trading inside a rising channel . Have been watching the price action resistance closely over the last several months. That resistance is now broken after almost 200 days.

2) Price action recently broke through the 21-week EMA (yellow) and 50-week EMA (green).

3) On 2-week chart (below) a ‘dragonfly DOJI’ candle was printed and confirmed. I’m always fascinated by this signal. On the 4hr / daily charts they are significant as they are the weekly. On a 2-week chart a DOJI like this is equivalent to a stack of dynamite. Don’t ignore it!

4) Lastly the daily chart . Following a ‘great buy’ signal, price action has begun to print higher lows. In addition, a hidden bullish divergence is printing between price action and Stochastic RSI for the past 30 days.

Is it possible price action falls further? Sure.

Is it probable? Unlikely.

A buy from < $12. 40 is excellent

1st near term target is $33

Good luck!

WW

2-week chart:



1-day chart - hidden bullish divergence

Comment: PS: Had meant to include the colour change of the Gaussian channel above.

On the 1-day chart price action has broken through to the upper side of the channel, very bullish - look left. When green, be long. And vice versa.

Trade active: past resistance confirmed as support - good to go.
Trade active: Hidden bullish divergence plays out with a breakout of ascending triangle formation

Comment: Excellent fractal playing out on the 2-day chart:

Comment: This idea becomes void should price action fail to close above $12.80 by October 10th.

Trade active: Last time I had ‘great buy’ signals on the 4-day chart there were gains of 4000% and 6500%, respectively. Look left ‘great buy’ was recently triggered which conceded with the publication of this idea. These ideas get a lot of study on multiple time frames.

The idea is no void at this time.

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