Synthetix ($SNX ) on the Verge of Breakout!

Synthetix (SNX) is showing bullish momentum on the 6H timeframe,

currently testing the upper border of a descending triangle pattern. The price is flirting with the trendline resistance,

signaling a potential breakout that could ignite strong upward movement.

Key Levels to Watch:

1. Immediate Resistance: $2.32

2. Next Targets: $2.78 and $3.40

Bullish Setup:

Volume Surge: A breakout accompanied by high volume will confirm the trend shift.

MACD & RSI: Monitor for bullish crossovers and overbought signals to gauge strength.

Market Sentiment: Keep an eye on broader market trends for confirmation.

Next Move:

1. Confirmation Trade: Wait for a clean break above the resistance with solid volume before entering.

2. Entry Point: Enter above $2.35 to minimize risk and ride the bullish wave.

3. Stop-Loss: Place stop-loss slightly below $2.15 to protect your position.

4. Profit Targets: Scale profits near $2.78 and $3.40 based on risk appetite.

Caution:

If SNX fails to break above the trendline,

expect a retest of lower support levels near $1.90. Stay flexible and adjust your strategy accordingly.

Watch the breakout closely—it could lead to exciting opportunities!

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