$SYN /USDT-Bullish Reversal in Progress
Current Price: $0.1442
Intraday Range: $0.1378 ā $0.1465
Key Support: $0.1212 (23.6% Fibonacci retracement)
Resistance Levels: $0.1520 (recent consolidation zone), $0.1640 (next major resistance)
$SYN has recently broken out from a descending channel, signaling a potential bullish reversal. The price is currently consolidating above the 23.6% Fibonacci retracement level at $0.1212, which is acting as a key support. A successful hold above this level would reinforce the bullish breakout and could lead to a retest of the $0.1520 resistance zone.
š Fibonacci Levels: Retracement and Price Zones
23.6% Retracement: $0.1212
38.2% Retracement: $0.1260
50% Retracement: $0.1300
61.8% Retracement: $0.1340
Key Resistance: $0.1520
The price is currently above the 23.6% Fibonacci level, indicating a potential continuation of the upward trend. A pullback to the 38.2% or 50% levels could provide a safer entry point for long positions.
š RSI: Neutral to Bullish
14-Day RSI: 59.43
Interpretation: The RSI is approaching overbought territory but has not yet reached it, suggesting room for further upside. This indicates a healthy buying momentum without immediate overbought conditions.
šÆ Entry Zones
Safer Entry: $0.1300 ā $0.1340 (50% to 61.8% Fibonacci retracement levels)
Aggressive Entry: $0.1520 (breakout above recent resistance)
A pullback to the $0.1300 ā $0.1340 range could offer a favorable risk-to-reward ratio for long positions. Alternatively, a breakout above $0.1520 with strong volume could signal the start of a new bullish leg.
š° Take-Profit Zones
TP1: $0.1520 (recent consolidation zone)
TP2: $0.1640 (next major resistance)
Reaching these levels would confirm the continuation of the bullish trend.
š”ļø Stop-Loss Ideas
Conservative Stop-Loss: $0.1212 (below the 23.6% Fibonacci level)
Tight Stop-Loss: $0.1260 (below the 38.2% Fibonacci level)
Setting a stop-loss below these levels can help manage risk in case of a market reversal.
