$SNX /USDT :Bullish Momentum As the price has consistently formed higher highs and higher lows, the trend remains upward
The SNX/USDT trading pair has shown significant momentum in the past 24 hours, with a price increase of +17.41%, climbing to a last price of $2.10. This marks a bullish breakout for SNX, with key indicators suggesting further potential movements in the market. Below is an in-depth analysis of the current market situation:
Key Metrics
24h High: $2.112
24h Low: $1.764
24h Volume (SNX): 20.44M
24h Volume (USDT): 40.35M
These values reflect heightened trading activity and liquidity, indicating strong investor interest in the SNX token.
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Technical Analysis
Price Movement
The 15-minute candlestick chart reveals a steady upward trend, with the price breaking through key resistance levels at $1.969 and $2.00. The Average Line Value (AVL) of $1.932 shows that the price has consistently stayed above this level, confirming bullish momentum.
RSI Indicator
The Relative Strength Index (RSI) is currently at 65.57, suggesting that SNX is approaching overbought territory. However, it still leaves room for further price gains before a potential correction.
1. Bullish Momentum: As the price has consistently formed higher highs and higher lows, the trend remains upward. Traders can look for long positions near support levels at $2.00 or $1.97.
2. Watch RSI Levels: While the market shows strength, monitor the RSI for overbought signals, which might lead to a price pullback.
3. Take Profit Zones: Potential targets can be set at $2.15 and $2.20 if the bullish momentum persists.
4. Stop-Loss Recommendation: To mitigate risk, consider placing stop-loss orders near $1.92.
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