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SNX / TetherUS

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SNXUSDT trade ideas

Synthetix (SNX) to $400 by April 2022This 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
Long
by without_worries
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