- SYN is currently holding at $.1381, with its support level at $0.1356 and resistance at $0.1431.
- The token has rallied $0.8 positions against BTC and 0.6 positions against ETH, demonstrating temporary strength.
- The resistance levels are checked at $0.1994, $0.2876, and $0.3813 marks, and may serve as the support points in the event of a force in the movement.
SYN currently trades at $0.1381, having gained a paltry 0.4 percentage points from yesterday. Contrary to the overall nervousness of the broader market, though, the token has been able to trade above near-term support levels.
Support lies at $0.1356 and proximal resistance at $0.1431, with price action being compressed, setting it up for a clean-cut near-term breakout. Of particular interest, the asset has been consolidating in the region for weeks now, an indication of stability in the face of persisting market volatility
Price Structure and Technical Position
Over recent months, SYN has been moving within a contracting range, defined by a descending trendline and a rising support base. This structure has created a narrowing pattern, which often precedes notable price shifts. At the present trading value, SYN has retained its footing near the midpoint of this setup.
The green support zone at around $0.1356 has been instrumental in soaking up sellers. Conversely, the resistance line at 0.1431 is still putting a cap on higher gains, which is a major mark to watch in any further climb.
SYN Holds Key Support as Market Eyes Next Resistance Levels
This has seen YN show resilience amidst overall conditions, with its minor daily rises against Bitcoin (0.051217 BTC) and Ethereum (0.00003233 ETH) being 0.8% and 0.6% respectively. This relative strength reinforces the significance of the established support region.
At $0.2876 and $0.3813 marks there are the resistance checkpoints that are important to consider in case the movement acquires impetus.
At time of writing, Synapse (SYN) was at $0.1381, which is a very slight increase of 0.4 percent over the past 24 hours. This token has exhibited the capability of trading beyond short-term support levels despite the volatility prevailing in the market. With liquidity concentrated around these levels, the upcoming sessions may determine whether SYN challenges its overhead resistance or revisits support.
The chart for the day highlights a series of dotted resistance lines that lie above the present price. These levels are $0.1994, $0.2876, and $0.3813, which will be future checkpoints if SYN continues with bullish momentum.
However, short-term attention is still stuck between $0.1356 and $0.1431. As long as SYN stays above support, market action will most likely continue to consolidate between this slim range. The recent tightening of price action underlines the importance of these boundaries as the market enters the next phase.
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