Synthetix and 1Inch prices are bottoming up. 1INCH/USDT and SNX/USDT may rally towards $3.5 and $14, respectively, in confirmation of late July 2021 buying pressure.
Using decentralized oracles, the platform allows users to trade derivatives called Synths. SNX is the native token.
After impressive gains on July 26, SNX is firm, stabilizing on the last trading day. However, it remains buoyed by relatively high trading volumes.
Even so, SNX prices are held within a broader $9 zone, with caps at $5 and $14.
Overly, buyers appear to be in control.
From the daily chart, SNX/USDT prices are bouncing off from the 78.6 percent Fibonacci retracement level from the last four weeks' trading range.
Ideally, every low should be a loading opportunity with immediate targets at $14.
$5 is the primary support line.
SNX/USDT bulls are buoyant.
Technically, every low presents a possible loading point for aggressive buyers.
Their primary target remains at $14.
However, a break above this line will invalidate the breakout of mid-May 2021, triggering another wave higher in line with Q1 2021 trend.
If not, a rebound from $14 would complete a retest of the bear breakout pattern of May 19, 2021.
The Binance Smart Chain (BSC) and Ethereum-based DeFi aggregator allows traders to swap tokens at the best prices.
1INCH is the protocol's governance token.
Overly, bears have been unforgiving on 1INCH holders.
The token crumbled 80 percent below the 78.6 percent Fibonacci retracement level of the H1 2021 trade range.
At the time of writing, 1INCH is stable but inching higher versus the USD.
Regardless of gains, buyers haven't satisfactorily broken above $2.2—an immediate resistance level—since 1INCH/USDT prices are within a bear breakout pattern.
For buy trend continuation and for buyers to satisfactorily bottom-up, prices must follow through gains of last week and July 26.
In an uptrend, 1INCH/USDT finds resistance at $2.2 and the middle BB.
A firm close above this mark places buyers at a pole position for another leg up towards $3.5.
In that case, every low could technically offer traders buying opportunities targeting June 2021 highs and the 68.2 percent Fibonacci retracement level of the H1 2021 trade range.
Unexpected sharp losses below $1.65 nullify the uptrend.