Market & Ticker: SYNTHETIX – SNX/USDC

Date: 27/11/2024

Horizon / Timing:  Tactical Mid-term / 1 to 3 months

Scenario: 

SNX has been trading in bearish trend since March 2024 before engaging a sideways on key bottom area. The prior sideways configuration was accumulating momentum for a potential bullish exit in line with the global crypto market configuration. The upside breakout has been confirmed.  We are focusing on 3,20 resistances for further direct recovery before confirming a larger upside towards 5,80 for the coming months.

Technical Key Elements:

• Exit potential of the ‘’sideways’ consolidation is at minimum 3,20
• RSI indicator is positive – No Divergence 
• The Moving average are support at 2,30
• Fibonacci key support is adjusted at 2,03 while the Elliot wave shows upside potential towards 3,90 and 4,90

Trade Idea conclusion: (Buy)

• Target 2: 5,80
• Target 1: 3,20
• Confirmation Target level at 3,20
• Buy: add in dip area 2,60/2,30
• Stop: 1,88 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic 

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.