- Synthetix price has again fallen below the consolidation phase and is trading with strong downtrend momentum.
- SNX crypto is currently trading below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of SNX/BTC is at 0.0001141 BTC with an intraday drop of 2.11%.
Synthetix price has escaped the range-bound area of $2.32 and $3.43 with strong downtrend momentum over the daily price chart. The token has been trading inside the range from May 2022 and at first SNX left the consolidation phase on 12th June but the token managed to gather support at $1.42 and recovered itself again inside the horizontal range-bound area. However, this time SNX is falling with a strong bearish rally and has broken down from $2.32 lower level.
SNX must gain support from the buyers to surge back inside the consolidation phase. Meanwhile, BTC the traditional cryptocurrency currently falters below $20000 psychological level and as a result other altcoins like SNX have fallen below their respective pattern and are trading with strong downtrend momentum.
Synthetix price is presently approximated at $2.21 and has lost 1.92% of its market capitalization in the past 24-hour. Over the course of a day, trading volume of SNX coin has dropped by 12%. This designates the strong downtrend momentum of SNX coin. Volume to market cap ratio is 0.3036.
SNX coin price is trying to gather support from buyers as it has fallen below the accumulation level of the consolidation phase. The token must gather support from the buyers in order to adapt the uptrend momentum to recover back inside the consolidation phase. However, volume change can be seen below average and under the influence of bears. SNX bulls need to accumulate themselves to register the token’s recovery phase.
Support on the lower end is at $1.96 and resistance on the higher side is at $2.32.
What do technical Indicators Suggest about SNX?
SNX coin price must gather support from bulls to surge back inside the consolidation phase. The token still needs to attract buyers in a significant amount to surge back inside the consolidation phase. Technical indicators suggest the downtrend momentum of SNX coin.
Relative Strength Index showcases the bearish momentum of SNX coin. RSI is at 43 and is heading towards the oversold territory. MACD exhibits the downtrend momentum of the SNX coin. The MACD line is about to cross the signal line downwards resulting in a negative crossover.
Conclusion
Synthetix price has escaped the range-bound area of $2.32 and $3.43 with strong downtrend momentum over the daily price chart. The token has been trading inside the range from May 2022 and at first SNX left the consolidation phase on 12th June but the token managed to gather support at $1.42 and recovered itself again inside the horizontal range-bound area. However, volume change can be seen below average and under the influence of bears. SNX bulls need to accumulate themselves to register the token’s recovery phase. Technical indicators suggest the downtrend momentum of SNX coin. RSI is at 43 and is heading towards the oversold territory. SNX investors need to wait for any directional change over the daily price chart.
Technical levels
Support Levels: $2.11 and $1.96
Resistance Levels: $2.32 and $2.45
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/07/01/synthetix-price-analysis-snx-broke-down-from-this-range-bound-area-know-whereabouts/