Synthetix (SNX) to $400 by April 2022

This is one token that has certainly not shone throughout 2021 following a 80% correction since February, however I believe that’s about to change. Why?

** significant developments on the weekly chart **

1) On the above weekly chart price action has been trading inside a rising channel. Have been watching the price action resistance closely over the last several months. That resistance is now broken after almost 200 days.

2) Price action recently broke through the 21-week EMA (yellow) and 50-week EMA (green).

3) On 2-week chart (below) a ‘dragonfly DOJI’ candle was printed and confirmed. I’m always fascinated by this signal. On the 4hr / daily charts they are significant as they are the weekly. On a 2-week chart a DOJI like this is equivalent to a stack of dynamite. Don’t ignore it!

4) Lastly the daily chart. Following a ‘great buy’ signal, price action has begun to print higher lows. In addition, a hidden bullish divergence is printing between price action and Stochastic RSI for the past 30 days.

Is it possible price action falls further? Sure.

Is it probable? Unlikely.

A buy from < $12.40 is excellent

1st near term target is $33

Good luck!

WW

2-week chart:

1-day chart - hidden bullish divergence

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PS: Had meant to include the colour change of the Gaussian channel above.

On the 1-day chart price action has broken through to the upper side of the channel, very bullish - look left. When green, be long. And vice versa.

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past resistance confirmed as support - good to go.

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Hidden bullish divergence plays out with a breakout of ascending triangle formation

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Excellent fractal playing out on the 2-day chart:

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This idea becomes void should price action fail to close above $12.80 by October 10th.

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Last time I had ‘great buy’ signals on the 4-day chart there were gains of 4000% and 6500%, respectively. Look left ‘great buy’ was recently triggered which conceded with the publication of this idea. These ideas get a lot of study on multiple time frames.

The idea is no void at this time.

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