The Synthetix price prediction shows that SNX is facing the upside as the coin moves to break above the 9-day moving average to reach $3.15.
SNX/USD Market
Key Levels:
Resistance levels: $4.5, $5.0, $5.5
Support levels: $2.0, $1.5, $1.0
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SNX/USD is moving to cross above the 9-day moving average to begin the bullish movement within the channel. According to the daily chart, the Synthetix price is likely to shoot to the upside as the technical indicator Relative Strength Index (14) faces the 50-level. Therefore, the market is projecting a volatile movement where Synthetix may continue to follow the bullish movement.
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As the daily chart reveals, the Synthetix price touches the daily high at $3.15 today so that the coin can begin to create additional high levels above the 9-day and 21-day moving averages. On the other hand, any bearish movement below the lower boundary of the channel may bring the price to the support levels of $2.0, $1.5, and $1.0.
However, considering a continuous bullish movement for this coin, SNX/USD may spike above the moving averages to hit the potential resistance levels of $4.5, $5.0, and $5.5 in the long-term bullish. Nevertheless, the technical indicator Relative Strength Index (14) is likely to cross above 50-level, suggesting additional bullish movements for the market.
Against Bitcoin, the Synthetix price is seen trading above the 9-day and 21-day moving averages where the price is expected to break to the upside. However, should the price succeed, it may begin an upward trend which could touch the potential resistance level of 2000 SAT and above.
On the contrary, if the SNX price slides and faces the lower boundary of the channel, the coin is expected to locate the support at 1100 SAT and below. Moreover, the technical indicator Relative Strength Index (14) moves to cross above the 60-level which reveals that the Synthetix price may continue to move to the upside.
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Source: https://insidebitcoins.com/news/snx-spikes-above-50-level-10000x-returns-coming-on-tama