Synthetix about to surge! (SNX)
Synthetix saw an incredible growth of over 170% after the May crash and reached the 15$ mark over the course of almost 80 days. It has been on a correction phase since mid-September until ultimately finding support slightly above 9$ around the 0.382 fib retracement level. I expect the correction to be over and that SNX has started its next leg up.
The break out of the descending triangle will confirm this analysis and can potentially take the asset to 12$ in the short term, the length of the measured move which also coincides with the 0.618 golden pocket level.
A return below 9.5 can temporarily invalidate this idea and take the price down to 9.0 while the violation of the 10-10.32$ (where the price squeezed for days) can start a parabolic rise to 12 and beyond.
The break out of the descending triangle will confirm this analysis and can potentially take the asset to 12$ in the short term, the length of the measured move which also coincides with the 0.618 golden pocket level.
A return below 9.5 can temporarily invalidate this idea and take the price down to 9.0 while the violation of the 10-10.32$ (where the price squeezed for days) can start a parabolic rise to 12 and beyond.
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