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- 1 SNX price reattempted to touch the $2.750 mark.
- 2 Bulls rescued their muscles and rebounded from $2.00.
SNX, the native token of Synthetix, escaped above the key moving averages and showed a bull move in the past trading sessions. Moreover, the chart shows a breakout of the upper trendline, leading to bullishness and surpassing the hurdle of $2.500.
Moreover, the price action indicates the rising demand for the token, shown by the volume spike in the past sessions. Recently, SNX gave a positive reaction and led a rally because of the anticipation of a new decentralized exchange which boosted the token price.
The chart shows that SNX price is trading near the resistance of $3.00, which acts as a barrier, and the price faced rejection multiple times and stayed below it.
Moreover, the technical parameters suggest a crossover indicating buying arises in the token, and fresh bullishness is noted on the charts, which could lead toward $3.00 in the upcoming sessions.
The trajectory support mark of $2.500 is the strong demand zone, whereas the upside of $3.00 must be surpassed for further bull move in the token.
At the time of writing, the SNX token price is trading at $2.77 with an intraday gain of 4.87%, showing bullishness on the charts. Moreover, the intraday trading volume increased by 10.10% to $87.82 Million. The pair of SNX/BTC is at 0.000093 BTC, and the market cap is $897.02 Million.
Daily Charts of SNX shows Buyers accumulation
On the daily charts, the SNX token price showed a breakout of the symmetrical triangle pattern and escaped the trendline of $2.00. Furthermore, the chart indicates buyers are gaining traction and looking to surpass $3.00, which was the primary hurdle.
As per the Fib levels, the SNX token price escaped 38.2% and was looking to catch neutrality. However, the sellers maintained a strong grip over there and did not permit it to surpass the range, resulting in rejection multiple times.
The RSI curve floating in the overbought range near 70 shows a positive divergence, indicating that buyers are gaining traction and are now looking to extend the rally in the upcoming sessions.
The MACD indicator shows a bullish crossover and offers a positive outlook on the charts. Moreover, the leading indicators are suggesting a further bullish move.
Conclusion
Synthetix (SNX) token price shows that buyers are gaining traction and are looking to extend the rally beyond $3.00 to begin fresh bullishness in the token.
Technical Levels:
Support Levels: $2.000
Resistance Levels:$3.000 and $3.7000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
