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- 1 Synthetix Price shot up 25% in a single day and attempted to break the $3.00 hurdle.
- 2 SNX Price breakout of the 50 and 200 day EMA shows signs of trend reversal.
- 3 Synthetix crypto price is still stuck into the wide range.
Synthetix Price shot up 25% in the previous day and showed signs of bullish trend reversal. It formed a bullish candle supported with strong buying volume which further boosted the confidence of investors.
SNX Price climb above the 50 day and 200 day EMA showcase the trend is reversing upward. Well, the confirmation will come when buyers are able to sustain the price above $2.500.
Synthetix Price recovered 80% approx from the recent swing low and the momentum is still intact. It triggered the positive sentiment and created a hope for the long term investors.
From the past few months SNX Price is consolidating in the wide range between $2.00 to $3.00 for the base formation. In the mid of June, sellers once tried to pull the prices down to create fear for its investors.
But luckily the responsive buyers came forward and showed a bounce. Slow and steady price recovered and retested the higher range.
Synthetix Price is trading at $2.639 with an intraday decline of -3.58%. In the last 24 hours volume rose by 1000% and the 24 hour volume to market cap is 61.60%.
Is the rally in Synthetix Price reliable?
Synthetix Price tried multiple times to break the higher range but got rejected shows bears are still active. Well the recent attempt looks powerful due to the rise in buying volume.
The crypto leader BTC price has also trading near to the YTD high which positively impacts the sentiment of investors. It might indirectly impact the prices of a few altcoins.
Till the SNX Price holds the $2.00 level the prices are expected to remain in the bulls grip. However, the prices will pick up momentum only above the $3.00 level.
If the buyers succeed to break out of the $3.00 hurdle then SNX crypto will begin the next phase of rally.
SNX Price analysis on weekly time frame
SNX Price formed a long tail bullish candle of the weekly time frame. It engulfs the losses of past 11 weeks indicating that buyers are getting active at lower levels.
The MACD curve sustains above the zero line and displays a positive crossover. It indicates prices are likely to trade with bullish bias. The RSI at 66 reversing down from the overbought territory and might test the neutral zone.
Conclusion
Synthetix Price shot up 25% in the single day and attempted to break the higher range of consolidation. However, the buyers are facing difficulty to give the follow up momentum.
The technical analysis suggests SNX Price is in the initial phase of reversal but the confirmation is still awaited.
Technical levels
Resistance levels: $3.398 and $4.366
Support levels: $1.990 and $1.399
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.
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.
