Synthetix (SNXUSD) Tests Major Support at $0.20–$0.15; Reversal Possible
Synthetix (SNXUSD) is approaching a crucial support zone between $0.20 and $0.15, coinciding with the 78.6% Fibonacci retracement level, which could trigger a trend reversal if the corrective wave pattern completes.
On the weekly timeframe, Synthetix’s SNXUSD pair appears to be tracing the final stages of a complex W-X-Y corrective structure. The last leg, subwave (C) of wave Y, is nearing completion.
A key support area sits between $0.20 and $0.15, aligning with the 78.6% Fibonacci retracement of the broader uptrend. This zone has historically served as a pivotal level where buying interest may reemerge.
If the pattern resolves as projected, the current support region could mark a turning point, setting the stage for a renewed upward move.
Source: FXStreet Forex News