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- 1 Synthetix price (SNX) surged 0.35% in the last 24 hours and is currently trading at $1.94.
- 2 Synthetix price (SNX) is declining forming an interesting wedge pattern over the daily timeframe.
The SNX price has been in a continuous declining trend losing most of the gains and heading towards the previous demand zone. The price is in a continuous decline trend after a surge of nearly 50% in July 2023.
The daily chart shows that the crypto has been suffering multiple rejections from upper trendline resistance and slid down. The price could not sustain above the key moving averages, 50 and 200-day EMA, indicating a selling pressure dominating the market.
Synthetix is a protocol that provides decentralized liquidity for various protocols. It uses Optimism and Ethereum mainnet to create synthetic assets (Synths) that track the returns of underlying assets.
Synths are collateralized by SNX, ETH, and LUSD. Synthetix liquidity is used by many protocols in the Synthetix ecosystem, such as Kwenta, Lyra, Polynomial, and 1inch & Curve. These protocols offer different services, such as spot and futures trading, options trading, automated options, and atomic swaps.
Synthetix Price Prediction Using Price Action Strategy
The analysts observe that the price trend may remain on the bearish side until it remains below the upper trendline. However, the price is approaching the previous demand zone from where it may gain the buyer’s support to halt the ongoing trend and surge higher.
The long-term outlook for the price trend is Nuutraal as the the weekly chart shows that the price is trading in a large range. The breakout or breakdown of which may decide the further trend in the long term.
Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The SNX token has received a $22.699 Million volume in the past 24 hours which is nearly 38.3% less than the past day.
SNX Price Forecast from Indicators’ point of view
As per the EMA analysis, the SNX price is trading below the 50 and 200-day EMA indicating weakness over the charts. The EMA may act as a resistance to decline the price further.
MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with decreasing height indicating the sellers losing momentum which might be a bullish sign for the buyers.
Conclusion
Synthetix is a protocol that creates synthetic assets (Synths) that track underlying assets. Synths are backed by SNX, ETH, and LUSD. Synthetix liquidity powers many protocols, such as Kwenta, Lyra, Polynomial, and 1inch & Curve. The SNX price has been dropping since July 2023 and is below the key moving averages. The price faces resistance from the upper trendline and is near the previous demand zone. The price may bounce back from the demand zone or break below it. The long-term outlook is neutral as the price is in a large range. The indicators are showing a mixed signal about the current price trend.
Technical Levels
- Support levels: $1.94 and $1.51.
- Resistance levels: $2.38 and $2.64.
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 or stock 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.
