SNX Price Analysis: SNX Coin is testing the support zone of the year long descending triangle pattern

• SNX Coin is at the long-term support of the descending triangl pattern
• The RSI indicates neutrality for the coin on the daily chart
• The coin has broken out of a cup and handle pattern on the hourly chart

SNX Coin has been on a descending triangle pattern all over the year 2021 as can be seen on the daily chart. The coin is currently trading at the support zone of the coin. The Relative Strength Index (RSI) indicator indicates neutrality for the coin with its value at the 50 levels on the RSI chart. The triangle’s resistance zone is crucial for the coin as it is a long-term one, over a year old now. The support is also a very strong one as it dates more than a year. It remains to be over the next trading month if the coin will break the support or resistance. Traders can keep the coin on their watchlist for a possible breakout in either direction.

SNX Coin has formed a cup and handle pattern on the hourly chart is visible in the chart above. The coin has made a bullish breakout post the formation of the pattern. The token has current support at $ 5.00 which forms the lid of the cup and handle pattern. The coin has seen good volumes over the last few trading sessions as the coin made a bullish pattern, breaking off the cup and handle pattern. The coin looks to continue its bullish momentum over the next few trading hours. 

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Conclusion:

SNX Coin has broken out of a cup and handle pattern on the hourly chart while testing the support zone of the descending triangle pattern on the daily chart. IT remains to be seen in which direction the coin will head over the next trading month.

Support: $ 5.00

Resistance:  $ 7.50

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.