Will SNX price reach $5.00 in 2023?

Synthetix Price Prediction favors the bulls and suggests a rise in the long term.
Synthetix Price gained 7.5% approx every week.
SNX price holds a 200-day EMA and seems to be forming a base.

Synthetix Price Prediction suggests a long-term rise until it sustains above the $2.000 support level. SNX price consolidates in a wide range and seems to form a long-term base. Synthetix price surged 10% approx on the previous trading session and showed initial signs of upward range expansion.

SNX price sustaining above the 50 and 200-day EMA showcase positional trend is upward. However, both the EMA is sloping sideways and denotes prices lacking direction.

Synthetix Price is trading at $3.055 with an intraday rise of $1.16% and a 24-hour volume-to-market cap ratio at 0.1344. The pair of SNX/BTC is trading at 0.0001008 with an intraday rise of 1.31%. SNX/BTC chart structure forms a double bottom pattern. It indicates trend reversal is possible in SNX/BTC, which shows a positive correlation with the USDT pair.

Synthetix Price tried multiple times to break the $3.400 hurdle but got rejected. Therefore, bears are highly active, and $3.400 will be a substantial hurdle in the coming weeks. At the beginning of March, Synthetix crypto witnessed short selling and corrected 40% approx in a short period. Luckily, buyers defended the demand zone at $1.984, and prices recovered.

Will Synthetix Price break the higher range?

SNX/USDT daily chart by TradingView

Synthetix Price took support at the lower range and formed a bullish engulfing candle. Later, SNX crypto witnessed a massive spike in buying volume, and prices bounced back with solid momentum. However, the momentum halted strictly at a higher range, and prices failed to expand upside. SNX’s price consolidated for a few weeks in a narrow range and formed a short-term base.

The technical analysis suggests Synthetix Price is in recovery mode, and buyers seem more active than sellers. Till buyers hold the price above both the EMAs, the probability of the upward range breakout remains high. On the other hand, if the price drops below $2.500 support, bears may try to drag it down toward previous lows.

When will SNX Price gain momentum?

SNX price is up by 7% on a weekly time frame and rising upwards from the past 4 consecutive weeks. Synthetix Price is trying to hold the $3.000 level to keep the trend in favor of bulls. However, the prices will gain momentum when buyers succeed in breaking the $3.400 hurdle. Till then, SNX price might remain in wide-range consolidation. Technical indicators like MACD have generated a positive crossover, and the histogram bar is rising. It indicates prices are likely to trade with a mildly bullish bias. The RSI at 63, sloping upward, denotes the strength of bulls, and more room for upside is open.

Conclusion

Synthetix Price prediction suggests a long-term rise until the price is sustained above $2.000. Synthetix Price is consolidating in a wide range and will likely break on either side in the coming months. The technical analysis suggests SNX price is in a bull’s grip and is slowly recovering. If the price holds a 200-day EMA, the probability of reaching $5.00 will increase.

Technical levels

Resistance levels: $3.400 and $4.400

Support levels: $2.500 and $2.000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish 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