Synthetix Price Prediction: Weekly Close Was in Green, Buyers Hold SNX Price Above 20 DMA

• Synthetix price bounced back under buyer’s control last night,
• SNX token price is facing a price correction phase near the 200 DMA on the 4-hours chart.
• During the bullish breakout, trading volume increased by over 250% to $73.26 million.

Synthetix token left the selling zone last night. The buyers were eventually able to pull out profit margins as they saw the first bullish signal overnight. The bulls participated heavily prior to last evening, which can be seen in the increase in trading volume and yesterday’s price. For a short term outlook, buyers feel confident about the positive trend of SNX but this price increase needs more accumulation.

Following an explosive rally, buyers face a retracement phase before the afternoon of the intraday session. Buyers may be exhausted while bears are once again attempting a selloff due to some bullish barriers. Meanwhile, the Synthetix token price against the USDT pair is trading at the $2.27 mark at the time of writing. The SNX token is thus down a little over 0.7% to date.

On the 4 hours price chart, Synthetix price struggled at the 200 DMA. Although, buyers breached this resistance level last night but failed in sustaining. Thus the $2.2 level may provide a price pump during the correction phase. Interestingly, buyers successfully maintain Synthetix token price above the falling wedge pattern last night. 

On the way of a bullish trend, buyers have multiple bullish hurdles like $2.5, $2.75 and $3.0. These all barriers may stop the bullish cycle. Besides, the $2.0 round level stood to be a key pumping zone for bulls. 

For the long term view, still Synthetix token price is looking under a falling wedge pattern. But the good thing is that buyers barely manage SNX prices above the 20 day moving average over the daily price chart. During the bullish breakout, Trading volume spiked over 250% overnight at $73.26 Million. 

The RSI indicator takes a slight break near the semi-line after a reversal from lower levels in the context of the daily price chart. On the other hand, MACD still looks sideways in negative territory, but the histogram is moving higher.

Conclusion

Synthetix token price moved sideways today. Nevertheless, buyers take a deep breath as the 20-day moving average is moving below Synthetix price. In the midst of the uptrend, buyers are facing several bullish barriers like $2.5, $2.75 and $3.0.

Support level – $2.0 and $1.5

Resistance level – $2.5 and $3.0

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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