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- 1 Synthetix is under bearish pressure.
- 2 SNX crypto price is currently trading at $2.287 with a drop of 2.35% in the last 24 hours with a current market cap of $614.78 Million.
- 3 Synthetix crypto price decreased by 11.11% over the past seven days.
The Synthetix Crypto price prediction suggests the token produced an interesting declining pattern. Crypto struggles to move above 20, 50, 100, and 200-day daily moving averages.
SNX USD price prediction implies that investor sentiments regarding the SNX token are bearish. Investors may prefer to keep a keen watch over the crypto. Presently, the SynthetixUSD price is below all the key EMA and MA levels.
The present value of Synthetix is $2.299.It has a market capitalization of around $615.854 Million with a fully diluted market cap of $706.095 Million. The crypto has a circulating supply of 268.697 Million.
Technicals signal selling pressure while the technical oscillators indicate neutrality. The moving averages are also on the strong sell side. This shows bearish dominance in the market. However, sellers may approach 50-SMA which is acting as a resistance to the crypto price. However, the 24-hour trading volume (58.211K) is lower than the 10-day average volume (295.744K).
Year-to-date SNX gave positive returns of 59.83% while returns over the past 6 months are -6.37%. The return was -13.18% last month and -10.96% last week.
The Synthetix price prediction shows that the token is trying to break the upper trendline on the daily time frame chart. SNX crypto needs positive momentum in order to break out from the descending pattern.
Technical Analysis of Synthetix Crypto Price in 1-D Timeframe
Currently, Synthetix crypto (USD: Synthetix) is trading below the 50, 100, and 200-day simple moving averages, which shows strong bearish momentum. Moreover, if more selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the Synthetix price is anticipated to move downwards giving bearish sentiments over the daily time frame chart.
The MACD line at -0.039 and the signal line at -0.036 are above the zero line. A bearish crossover is observed in the MACD which signals more bearishness for the Synthetix crypto price. The current value of RSI is 35.20 points. The 14 SMA is below the median line at 46.30 points which indicates that the SNX crypto is bearish.
Summary
Synthetix price action suggests that the investors and traders are bearish on the 1-D time frame. The price action shows a bearish perspective at the moment. Synthetix (SNX: USD) technical indicators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the SNX crypto price.
Technical Levels
- Resistance levels: Nearest resistance levels are $3.253 and $3.936.
- Support Levels: Nearest support levels are $1.933 and $1.296.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
