- The synthetix coin failed to move above the $3.5 resistance area three times in the past 60 days.
- Trading volume is declining amid low-high formations.
- Buyers barely place the SNX price above the lower band of the Bollinger Bands indicator.
Synthetix token has set its consolidation range between the $1.5 to $3.5 support level as resistance. This wide horizontal range influences buyers to create any upside positions. As a result, the Synthetix coin failed to move above the $3.5 resistance area thrice in the past 60 days.
The SNX token has remained below a descending trendline (bottom of the chart) since June 20. However, there is stiff competition between bulls and bears. Due to the negative market outlook, the bears are aggressive in selling.
Amid a bearish trend, the bears are aiming for the SNX coin to drop towards the latest support levels and lows of $2.0. If BTC sustains the level of $19K, a bounce-back to this level is likely.
A bounce back is expected near the $2.2 mark. If the bulls reverse the trend and break this area, the next resistance level will be $3.0 followed by a move to $3.5 – the crucial resistance. At the time of writing, Amideast Pump & Dump, the SNX token is trading at the $2.43 mark.
Meanwhile, according to CMC, the market cap is at $277 million in the green zone, up 2.5% in the last 24 hours. Trading volume continues to decline amid low-high formations.
The $1.0 is another support level
In the context of the daily price chart, buyers are barely keeping the SNX price above the lower band of the Bollinger Bands indicator. Meanwhile, the mid-band (20-day moving average) could influence the bears for selling.
Besides, the RSI indicator is watching the bottom half-line. The following indicator shows a sideways trend for the Synthetix coin.
Conclusion
Synthetix token is close to the previous swing low. A bounce can be expected at this level. If the price turns higher, a 25% increase from the current levels is expected.
Support level- $2. 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 do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/15/synthetix-price-analysis-snx-revisits-key-support-levels-is-this-another-drop/