Coin Edition -
- Bullish influence boosts SYN to a record 90-day high.
- Bears lose ground after the SYN market establishes $1.23 support.
- If bulls hold on, indicators point to a lengthy bull run.
Synapse (SYN) established support at $1.23 after a prolonged bear run in the previous 24 hours. Hence, bulls flooded the market, sending prices to a 90-day high of $1.76 in a few hours. This positive domination remained as of press time, with the price valued at $1.65, an 18.75% increase showing the market’s optimistic outlook.
As a result of this recent bullish catch, trading activity has increased, pushing market capitalization and 24-hour trading volume up by 18.82% and 714.12%, respectively, to $230,323,712 and $55,499,168. As a result of this uptick, investors hope to take advantage of the market’s present positive feeling and ride the wave of momentum.
SYN/USD 24-hour price chart (source: CoinMarketCap)
Volatility increases as the gap between the upper and lower Keltner Channel bands on the 4-hour price chart widens (1.7044 and 1.1560) respectively. A trader might take advantage of this by entering the market with tight stop-loss orders or increasing their exposure to the market. In addition, when the price nears the top band, the optimistic feeling in the market becomes more apparent, giving traders a chance to maximize their gains from long positions as the price approaches the upper band.
A value of 6.784K on the Elder Force Index (EFI) indicates that optimistic sentiment in the market is strong. Continuing its good trend in the positive zone should encourage investors to take long positions in the market. However, as the price movement approaches the upper range, traders should be wary of a bearish reversal due to possible profit-taking.
Although an MFI rating of 60.88 indicates a strong uptrend and the existence of substantial purchasing momentum in the market, traders should be vigilant for signs of a reversal should buying pressure begin to wane. However, because of the MFI’s northward trend and moving away from the 50-level, the market sentiment is becoming more optimistic, and the price action may continue to trend upward.
The Rate of Change (ROC) level of 17.55 indicates that the current bullish momentum is growing, with prices accelerating quicker than in the past. This move forecasts a strong bull run, with prices likely to hit their most significant peak soon.
With a value of 68.29 on the 4-hour price chart, the Relative Volatility Index (RVI) advances northwards and above its signal line, indicating that buyers are in control of the market and there is greater demand for the currency. As a result, traders and investors seeking to buy low and sell high will soon find the current market conditions quite favorable.
If bullish vigor in the SYN market is maintained, the new 90-day high reached in the past 24 hours may be broken.
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