Synthetix and Kyber Network bulls are struggling, pinned by sellers. KNC/USDT has support at $1.2, while SNX/USDT bulls are capped at $8 on the upper end.
The DeFi protocol Synthetix running on Ethereum allows synthetics derivatives trading. SNX is the native token. The project plans to adopt Optimism as their choice Layer-2, helping traders reduce Gas.
The dump down continues, and SNX bears are unforgiving.
At the time of writing, SNX is steady, adding seven percent on the last trading day after a non-descript weekend.
Technically, the path of least resistance is southwards, reading from the daily chart. Immediate resistance and buy trigger stand at $8 and the middle BB.
Technical candlestick arrangements in the daily chart overwhelmingly support bears.
It is despite the tinge of Optimism following steady SNX/USDT price action over the weekend.
On the upside, SNX prices have resistance at $8 and the middle BB. Further losses below last week's lows at $5 will further dent optimistic bulls.
SNX/USDT upsides are capped at $8—the 78.6 percent Fibonacci retracement level of the H1 2021 trade range.
$5 is the primary support line on the lower end and the last barrier for $4.
Risk-averse SNX bulls can wait for a close above $8 before committing their longs, targeting $14.
Meanwhile, aggressive traders can sell on pullbacks, especially if $5.5 fails, opening up SNX to $4 in a bear trend continuation pattern.
The Hacken-audited DeFi protocol is among the earliest. It facilitates the swapping of tokens across several blockchains, predominantly in Ethereum.
KNC/USDT prices are stable at press time, adding four percent against the USD on the last trading day.
Still, this isn't to say KNC's performance has been stellar.
If anything, KNC is down over 75 percent from peaks as bears run riot.
KNC/USDT prices are trending in a bear continuation pattern, recently closing below a bear flag. Presently, KNC prices have support at $1.2—a primary buying level.
On the upside, KNC/USDT is capped at $2.3. Overly, at the time of writing, KNC prices are in range within a tight zone.
KNC bulls are struggling to overcome a deluge of sell pressure.
As prices consolidate at spot rates, sellers have the upper hand.
A close below $1.2 may see KNC crumble to $0.70—2021 lows for a bear trend continuation.
A recovery and KNC's close above $1.5-or June 21 highs-- might be hope for further gains towards $2.3.