SNXUSDT TA
is gearing up for a major breakout from its descending channel on a daily timeframe. The price has consistently respected the trendlines within this formation, but recent developments suggest we could be on the verge of a significant move.
a potential retest of the around $1.400 , a key area packed with liquidity. This zone could act as a springboard, propelling SNX towards a breakout above the descending resistance. If this scenario plays out, it would signal a potential trend reversal, aligning with our bullish outlook.
if the liquidity at $1.850isn't enough to fuel a breakout, we might see a retest of the lower support level at $1.400 . A strong buying interest here could provide the necessary momentum for an upward move. Keep an eye on this level for potential signs of a bullish rally.
But be cautious! If support level fail, SNXUSDT could face increased bearish pressure, potentially leading to further declines. Monitoring the lower support zones will be crucial to gauge the extent of any downward move.