#SNX #Synthetix $SNX
Hey, guys,
today we're gonna take a look at Synthetix, DEFI project, 60th in CM.
On the weekly chart we can see that the instrument has returned and is trading within the boundaries of rectangular consolidation, in case the price fixes above has the potential to work off the breakdown for further growth around 7-8$.
Locally on the daily chart the price is in a downtrend, now the local bounce from 3$, but until we do not consolidate above 3.5 has the potential for further decline, if the breakdown of 3.5 we may see growth in the area of local highs 4.6-4.7 where the main resistance is located. The key support is below 2.5, which can be tested and from where it is preferable to pick up this coin, this zone coincides with 0.786 Fibo. In general, the instrument is quite interesting and it is worth following.
Stay tuned.