$SYN Has broken a long-term downtrend and a descending channel on the daily chart after prolonged consolidation. A confirmed parallel channel breakout and retest suggest a potential 25% bullish rally in the near term.
Support & Resistance:
Support: Established at $0.20, acting as a strong base.
Resistance: Key levels at $0.59, $0.70, and $0.8593. A close above $0.8593 could push SYN toward $1.00 or higher.
Current price is within a range of $0.7155 - $0.8593, with $0.7155 as critical support.
Daily Chart: SYN is entering a bullish zone (gray box) on the daily chart. A close inside this box signals strength, with the next target being the 200-day Moving Average (MA).
Moving Averages:
50-day SMA: Trending upward, indicating a bullish short-term trend.
200-day MA: Sloping downward since early January 2025, suggesting a weaker long-term trend. However, a price close above the 200-day MA could confirm a trend reversal.
Price is currently above the Bollinger Bands’ SMA ($0.5945), but a drop to this level or the lower band ($0.4472) is possible if momentum fades.
Relative Strength Index (RSI):
14-day RSI: ~69.67, indicating neutral conditions (neither overbought nor oversold). This suggests room for upward movement before hitting overbought levels (>70).
RSI supports the current bullish sentiment without immediate reversal signals.
Bullish Case:
Entry: Consider long positions near $0.272 - $0.318 if support holds.
Targets: $0.328 (short-term), $0.59, $0.70 (midterm).
Stop Loss: Below $0.20 to mitigate downside risk.
Bearish Case:
If SYN falls below $0.7155, it could test $0.5945 (Bollinger SMA) or $0.4472 (lower band).
High volatility and reduced volume suggest caution for long-term holds.
Monitor:
Bitcoin dominance and broader market trends, as they influence altcoins like SYN.
Volume spikes or news related to Cortex Protocol’s adoption.
Not Financial Advice, DYOR!!
