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- Synthetix (SNX) price is continuing to decline under a falling wedge pattern.
- This week, the bulls are drawing a third bullish candle on the weekly time frame.
- The market capitalization increased by 3.63% to $538.6 million in the last 24 hours.
Synthetix token price is cheap due to aggressive selling. Since this is the all-time top level, SNX crypto has underperformed so far. This continuous selloff forced many investors out of the market and many of them already sold altcoins considering the weak market sentiments.
At the time of writing, the price of Synthetix with the USDT pair looks positive today, thus the token trades at the $1.74 mark with a gain of 0.75%. The market capitalization increased by 3.63% to $538.6 million in the last 24-hours amid a slight positive sentiment in the crypto market. However, for the short term outlook, the bulls have taken control in the altcoin.
SNX on Weekly Chart
Undoubtedly the Synthetix crypto seems under intense selling pressure as price constantly falls down under a falling wedge pattern (above the chart). Despite the bearish price pattern, this week, bulls are drawing their third bullish candle in the weekly time frame. Therefore, bulls are celebrating 4.12% gain this week.
Although trading volume seems neutral nowadays, speculators saw a little increase of 9% at $21 Million. Bulls have vital support at the conceptual round level of $1.0, on the higher side, buyers may struggle at $2.0 mark ahead.
SNX on Daily Price Scale
Last night, buyers successfully accumulated Synthetix prices above the 20 day moving average in the context of daily price scale. Now 50 DMA observes the next resistance level. Moreover, the RSI indicator is remaining below the semi-line, suggesting money inflow in SNX.
Conclusion
The Synthetix token price is looking positive above the 20 day moving average in the context of daily price scale. Bulls should take a step ahead to push SNX value above next resistance of $2.0.
Support level – $1.0
Resistance level – $2.0 and $2.8
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
