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- The token is trading below the resistance level on the daily time frame.
- The pair of SNX/USDT is trading at the price level of $0.530 with a gain of 0.77% in the past 24 hours.
The SNX token has bounced out of the demand zone with strong bullish momentum, with bulls driving up the token’s price after successfully defending the $2.57 mark level. It remains to be seen whether the bulls can continue their momentum.
SNX on the daily chart
After gaining more than 80% from the demand zone, the token has come to a halt at the $2.70 resistance level. According to the daily chart, the SNX token is now trading at $2.57, indicating a loss of -0.77% in the last 24 hours. It is trading above its key Moving Averages which are 50 EMA and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA).
Relative Strength Index: The asset’s RSI curve is currently trading at 77.63, indicating that it is in a strong overbought zone. The token’s price has risen due to the bulls’ dominance over the bears. The RSI curve has crossed above the 14 SMA, indicating bullishness. If the bulls continue their momentum and increase the price of the token in the coming days, the RSI curve will remain in the overbought zone, indicating bullish strength.
Analyst view & Expectations
The token managed to close above the 200 EMA on the daily time frame, but it is still trading below the $2.702 resistance level. Investors who want to trade early can do so now, while those who want to trade safely can wait for the token to break and sustain above the resistance level before buying. Intraday traders, on the other hand, have a good opportunity to buy once the token breaks over the resistance level and book profits based on their risk-reward ratio.
According to our current Synthetix (SNX) price forecast, the price of Synthetix (SNX) is expected to fall by -4.41% and hit $ 2.47 in the next few days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 53. (Neutral). Over the previous 30 days, Synthetix had 20/30 (67%) green days and 16.59% price volatility. According to our Synthetix forecast, now is a good time to buy Synthetix.
Technical Levels
Major support: $1.970
Major resistance: $3.096
Conclusion
According to the price action, the token has shown strong bullish momentum in the past few days, forming a bullish chart pattern. Investors who wish to buy the token now can do so as it has entered a short-term uptrend.
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 the 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, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
