End of the Bearish Cycle for Synthetix (SNXUSD)?
Market Analysis – SNXUSD Is Likely at the End of Its Bearish Cycle
The end of the bearish cycle for SNXUSD is imminent. The market’s key levels have been very influential in determining the direction of prices. The year 2021 saw an increase in volatility in market movements.
The coin climbed up steadily beginning from the 1st of January 2021 from $7.000 till it reached a price of $28.000 which is an all-time high on the 14th of February 2021. The market bulls had weakened by this point, and the price began a steady decline until it reached $13.100 demand. SNXUSD was thereafter locked in a consolidation phase between $13.100 demand and $23.300 supply. This consolidation phase lasted from late February to mid-May 2021.
The bears then took advantage of the increase in market volatility to plunge the coin out of the…
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