Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
The Synthetix crypto price projection indicates the crypto produced an interesting falling pattern. SNX crypto struggles to move above 20, 50, 100, and 200-day daily moving averages.
The current value of Synthetix is $2.105. It has a market capitalization of around $565.332 Million with a fully diluted market cap of $647.562 Million. The crypto has a circulating supply of 268.949 Million.
Since the beginning of the year, SNX gave positive returns of 46.58% while returns over the past 6 months are -19.49%. The return was -29.82% last month and -15.75% last week.
SNX price prediction suggests that investor opinions about the Synthetix token are bearish. Investors may prefer to keep a keen eye on crypto. Currently, the SNX price is below all the key EMA and MA levels.
SNX technicals signal selling pressure and the technical oscillators also indicate bearishness. The moving averages are also on the strong sell side. This shows bearish dominance in the market.
However, sellers may approach 50-SMA which is acting as a resistance to the crypto price. The 24-hour trading volume (92.783K) is lower than the 10-day average volume (239.591K).
The Synthetix price prediction shows that the crypto is trying to break the upper trendline on the daily time frame chart but failed. Synthetix crypto needs positive momentum in order to break out from the descending pattern.
Technical Analysis of Synthetix Crypto Price in 1-D Timeframe
Currently, Synthetix crypto (SNX) is trading below the 50, 100, and 200-day Exponential moving averages, which shows substantial bearish momentum. Nevertheless, if more additional selling volume counts up, then the price might conquer supporting SMAs by creating lower highs and lows.
Hence, the Synthetix price is expected to move downwards giving bearish sentiments over the daily time frame chart.
The current value of RSI is 33.47 points. The 14 SMA is below the median line at 41.67 points which indicates that the Synthetix crypto is bearish. The MACD line at -0.109 and the signal line at -0.063 are above the zero line.
A bearish crossover is observed in the MACD which signals more bearishness for the Synthetix crypto price.
Conclusion
Synthetix (SNX) technical indicators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the Synthetix crypto price. Synthetix price action indicates that the investors and traders are bearish on the 1-D time frame. The price action shows a bearish perspective at the moment.
Technical Levels
- Resistance Levels: $3.253 and $3.936.
- Support Levels: $1.933 and $1.296.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/08/21/synthetix-crypto-forecast-is-snx-going-bearish-in-august-2023/