{"id":108267,"date":"2021-01-13T09:14:05","date_gmt":"2021-01-13T09:14:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108267"},"modified":"2021-01-13T09:14:05","modified_gmt":"2021-01-13T09:14:05","slug":"charted-why-synthetixs-snx-could-rally-to-20-while-bitcoin-corrects","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/charted-why-synthetixs-snx-could-rally-to-20-while-bitcoin-corrects\/","title":{"rendered":"Charted: Why Synthetix&#039;s SNX Could Rally To $20 While Bitcoin Corrects"},"content":{"rendered":"<p><em>Synthetix (SNX) remained in a bullish zone above $15.00, despite pullbacks in bitcoin and ethereum against the US Dollar. SNX price is likely to rally towards $20.00 if it clears the $16.00 hurdle.<\/em><\/p>\n<ul>\n<li>There was a steady increase in synthetix&rsquo;s SNX price above $12.00 against the US dollar.<\/li>\n<li>The traded to a new yearly high at $16.01 and settled well above the 100 simple moving average (4-hours).<\/li>\n<li>There is a major rising channel forming with resistance near $16.00 on the 4-hours chart of the SNX\/USD pair (data source from Coinbase).<\/li>\n<li>The pair is likely to continue higher towards $18.00 and $20.00 as long as it is above $12.50.<\/li>\n<\/ul>\n<h2>SNX Could Rally Further<\/h2>\n<p>After a close above the $12.00 and $12.50 pivot levels, SNX saw a steady increase towards the $15.00 level against the US Dollar. Recently, there was a sharp downside correction in bitcoin, ethereum, and other major altcoins.<\/p>\n<p>However, SNX remained in a bullish zone above $14.00 and $15.00. It even broke the $15.50 level and traded to a new yearly high at $16.01. It is currently consolidating gains above $15.00 and the 100 simple moving average (4-hours).<\/p>\n<p>An initial support on the downside is near the $14.65 level. It is close to the 23.6% Fib retracement level of the recent increase from the $10.31 low to $16.01 high. The first major support is near the $14.00 level.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/01\/SNX.png\"><\/p>\n<p>Source: SNXUSD on TradingView.com<\/p>\n<p>On the upside, the bulls are facing hurdles near $16.00. There is also a major rising channel forming with resistance near $16.00 on the 4-hours chart of the SNX\/USD pair. A clear break above the $16.00 level could open the doors for another rally.<\/p>\n<p>In the stated case, the bulls are likely to aim a test of the $18.00 level. The next major resistance on the upside is near the $20.00 level.<\/p>\n<h2>Dips Supported?<\/h2>\n<p>If SNX price struggles to continue higher, it could correct lower below $14.50. The first major support is near the $14.00 level, below which it could test the 50% Fib retracement level of the recent increase from the $10.31 low to $16.01 high at $13.15.<\/p>\n<p>The channel support is also near the $13.15 zone. A downside break below the channel support could start a major downside correction towards the $10.50 and $10.00 support levels.<\/p>\n<p>Technical Indicators<\/p>\n<p>4-hours MACD &ndash; The MACD for SNX\/USD is gaining pace in the bullish zone.<\/p>\n<p>4-hours RSI (Relative Strength Index) &ndash; The RSI for SNX\/USD is currently well above the 50 level.<\/p>\n<p>Major Support Levels &ndash; $14.65, $14.00 and $13.15.<\/p>\n<p>Major Resistance Levels &ndash; $16.00, $18.00 and $20.00.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/synthetix-snx-could-rally-to-20\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synthetix (SNX) remained in a bullish zone<\/p>\n","protected":false},"author":3,"featured_media":108266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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