Vijesti Analize Has Synthetix Found Its Bottom?

Has Synthetix Found Its Bottom?

June 25, 2024 Analize
BITmarkets | Has Synthetix Found Its Bottom?

Rising modestly in the week following widespread market slumps, Synthetix may have begun its ascendance from its yearly bottoms.

As Bitcoin and other cryptocurrencies navigate through bearish corrective phases over several weeks, both new and seasoned investors find themselves at a crossroads.

This period presents a potential buying opportunity, yet it's crucial to engage the market when conditions are most favorable, minimizing exposure to undue risk.

Daily time frame analysis


SNXUSD - 1 Day Time Frame

The price of Synthetix (SNX) has recently targeted the External Sell-Side Liquidity (ESSL) area with its decline, offering a strategic entry point particularly for institutional traders. This area marks an initial liquidity zone essential for entering trades, but it also brings with it the complexities of market dynamics.

Looking ahead, two main scenarios could unfold:

1. The price continues to respect the resistance level, maintaining the bearish correction trend.

2. A bullish candle closes above this resistance, likely signaling an impending price rise, which could provide a favorable moment for traders to place buy orders.

In terms of risk management, placing a Stop Loss (SL) order just below the recent low is advisable, while the Take Profit (TP) could be strategically set at the nearest External Buy-Side Liquidity (EBSL) area.

This TP point also aligns with the next resistance level and particularly with the Sell-Side Imbalance Buy-Side Inefficiency to Fair Value Gap (SIBI FVG).

Is it time to buy SNX?

While the market presents potential buying opportunities during these corrective phases, it's essential for investors to make informed decisions based on technical signals and market conditions.

Synthetix, with its unique offerings in the DeFi space, represents just one of many opportunities for those looking to diversify and manage risks effectively.

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