Synthetix Price Analysis: SNX Closes to Hit Key Defense Zone for Bulls, Needs Accumulation

Synthetix tokens have been chasing high-low formation for a long time.
Buyers are facing bullish price rejection near the 20-day exponential moving average.
Over the past 10 trading sessions, the crypto has consolidated under a narrow trading range.

Synthetix token has been unable to reverse its ongoing bearish trend despite several attempts. The terrible sell-off occurred as investors booked profits near an all-time high of $28.981.

SNX on Weekly Chart

The weekly price chart shows a scary bloodbath in Synthetix token price, which killed all bullish hopes. In the last 18 month, SNX crypto lost approximately 91.5% since its ATH mark while price is looking close to $2.0 support zone. Due to higher-low price action, SNX token fluctuates under falling wedge pattern (above the chart), shows asset price may fall more from the current levels.

SNX on Daily Price Chart

Against the USDT pair, the Synthetix token is trading at $2.43 mark at price time. Buyers look exhausted today after an overnight gain of 10% in Market cap, recorded at $580.2 Million as per CMC. However, Over the last 10 trading sessions, crypto consolidates under a narrow trading range, and this range breakout may bring strong momentum ahead.

Due to yesterday’s bullish spike, the Bitcoin pair along with the SNX token is up 5.7% at 0.0001246 satoshis. Amid selling, SNX token is remaining below all significant exponential moving average, in fact Buyers continue getting bullish price rejection near 20-EMA over the daily price scale.

Traditional Indicators

The bulls turned aggressive yesterday and collected massive amounts of the altcoin, thus increasing the trading volume to $93.9 million, a 71% increase. As a result, the RSI shows higher-low, but still, its peak remains below the semi-line showing weak momentum. Similarly, the MACD indicator continues to move downwards in the negative zone in terms of the daily price chart.

conclusion

However Synthetix Token (SNX) is extremely bearish since its profit booking. The decline pulled the cryptocurrency price closer to the $2.0 support level. At this point, the price fluctuates under a narrow horizontal range and any major price drops could lead to further more dramatic selloffs. On the other hand, if the price reverses near the buyers’ hedge zone, the bulls face several hurdles.

Resistance level- $2.6 and $3.0

Support level- $2.0 and $1.5

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing