- Synthetix token again failed to move above the resistance area after several attempts.
- During the retracement phase, SNX price takes a support above the middle band of the Bollinger Bands indicator on the daily price scale.
- The Synthetix token belonging to the bitcoin pair is up 13.1% in the green zone at 0.0001306 satoshis.
Synthetix coin again failed to recover above the resistance area ($3.3 to $3.7 area). Meanwhile, the SNX token price action is facing a daily and hourly retracement phase on the lower time frame.
Despite the rally, the bears are still active near the $3.3 resistance area. The bulls faced resistance several times during the bullish trend. Hence, the bulls still need to consolidate the coin to keep the price above this area.
Trading volume reflects highly volatile sessions over the past several days. Increase in volume during the retracement phase shows the strength of the bears. Similarly, last night traders saw an increase of 90% in the last 24 hours.
Meanwhile, at the time of writing, the Synthetix token was trading at the $2.6 mark. Thus, according to CMC, the market cap finally reached above $300 million, with a gain of 7.8% in the last 24 hours. Furthermore, the Synthetix token belonging to the bitcoin pair is in the green zone at 13.1% at 0.0001306 satoshis.
Bulls found support during the retracement
In the context of the daily price scale, during the retracement phase, SNX price takes a support above the mid-band of the Bollinger Bands indicator.
Besides, the daily RSI indicator is again attempting to move above the semi-line. Above this resistance area, the bulls turn aggressive for a bullish trend.
Conclusion
A bounce-back is expected in Synthetix tokens. Also the RSI indicator tries to move above the semi-line again. Above this zone, bulls can see an uptrend.
Support level- $2.3 and $2.0
Resistance level- $3.0 and $3.5
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Source: https://www.thecoinrepublic.com/2022/06/29/synthetix-price-analysis-snx-market-cap-reaches-300-million-bulls-watching-support-levels/