- Synthetix coin is trading red again after yesterday’s rally.
- The key moving averages are moving well above the current SNX price.
- The bitcoin pair with the SNX token is up a little over 5% at 0.0001376 satoshis.
Buyers were relieved yesterday night when the price of synthetix increased by 13.4%. The SNX token flourished a few weeks ago when buyers drove the crypto to a near 90-day low. In reality, when it reaches the bottom, the SNX token has produced returns of more than 200% in just a few weeks.
Despite the latest drop, price action has kept expenses above the prior swing low. Several price rejections occurred for the SNX coin at the $4.3 barrier level. Later, during a downturn, purchasers lost more than 30% of their capital. The price is now trading at the 3.0-resistance level.
The market cap has risen 5.8% to $686 million in the last 24 hours, according to CMC. Meanwhile, at the time of writing, the SNX token was trading at the $2.93 mark. Important moving averages like 20, 50, 100, and 200 are moving nicely above the current price of SNX during the daily price scale.
Trading volumes are looking neutral for the past few days. But buyers were aggressive last night, thus increasing the volume by 38%. Furthermore, the bitcoin pair with the SNX token is up a little over 5% at 0.0001376 satoshis.
SNX Token Has Set Narrow Trading Range
After a short bounce, the RSI indicator again turned to ride lower. But still, the indicator shows negative signs for the SNX token. Similarly, the MACD indicator is trending down with a red histogram.
Conclusion
Synthetix token respects the $2.5-support zone, and buyers barely manage to manage this support zone. However, the 50-DMA is just above the current price of the SNX. Now the bulls need to manage the $3.0-key resistance.
Support level- $2.5 and $2.0
Resistance level- $3.0 and $5.0
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/2022/08/22/synthetix-price-analysis-snx-rebounded-last-night-but-buyers-failed-to-maintain-price-higher/