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- Synthetix crypto price breakout previous week high at $1.527 and gained 7.18% on a weekly basis.
- SNX bulls able to defend $1.400 level, and forming higher high candles.
Synthetic Crypto price is trading with mild bullish cues and bulls were trying to show its presence at lower levels. The previous few sessions are in the favor of bulls but it will be little difficult for the bulls to break out of the 50 day EMA resistance in coming days. Currently, SNX/USDT is trading at $1.593 with the intraday gains of 4.12% and 24 hour volume to market ratio stood at 0.0508
SNX bulls preparing for a marathon ?
On a daily time frame, SNX price had been in a short term downtrend and slipping down while forming lower low swings. In December, bulls gained some positive momentum and attempted to breakout $2.00 level but due to strong sellers prices were unable to sustain the higher levels and lost all its previous gains. After a little bit of consolidation, prices took support at $1.400 and showed some initial signs of upside reversal.
From the past couple of days, SNX is on upside momentum and prices is up by 14% from the recent lows, showing some genuine buyers might be building long positions and expecting a price to continue the bullish momentum but the 50 day EMA (yellow) at $1.710 sloping down will be act as an immediate hurdle for bulls followed next hurdle at $2.000 and $2.607. On a lower side $1.400 will act as a savior for bulls and if prices slipped below $$1.400 bears may drag the prices further down towards $1.000 level.
Recently, The MACD has generated positive crossover indicating bullishness may continue for some more time and the RSI at 51 denotes a balance between bullish and bearish positions.
Trend reversal possible ?
On a lower time frame, SNX price had been trading in the tight range and bear’s keep on dominating on higher levels but recently bulls are attempting to breakout the upside range of $1.650 with a strong momentum which might help to trigger the further upside movement in coming days. The supertrend indicator also had generated buy signal which indicates the short term trend may work in the favor of bulls. However, if prices slipped below $1.400 the trend reversal will become doubtful.
Summary
Synthetix Price is showing signs of short term trend reversal but the confirmation will come on if bulls are able to trade above 50 day EMA in coming days. As per technical analysis, SNX prices are in the initial phase of upside momentum but the confirmation is still awaited. So, aggressive traders might take the risk and look for buying opportunities for the target of $2.000 and above levels by keeping $1.400 as SL. however, if prices slipped below $1.400, it may go further down towards $1.000 level.
Technical levels
Resistance levels : $2.000 and $2.607
Support levels : $1.400 and $1.000
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
