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- 1 Synthetix price prediction suggests a rise in the long run.
- 2 SNX price defended $2.00 and showed a minor bounce.
- 3 Synthetix crypto price is trying to climb above the 50-day and 200-day EMA.
Synthetix price prediction suggests a significant rise in the value is possible in the coming months. SNX price defends the $2.00 support and reversing upward denotes bulls are returning back to track.
SNX price is trying to climb above the 50-day and 200-day EMA to reverse the short-term trend. But the confirmation of the trend reversal is awaited.
In July, Synthetix price tried multiple times to break the $3.00 hurdle to regain the confidence of the long-term investors. However, due to the strong presence of sellers, the breakout attempt failed and prices reverted down.
Slow and steady, SNX price declined by forming lower low swings and dropped below both the EMAs. It triggers the negative sentiment and invites further decline. The downfall halted near $1.900 and buyers came forward to push the prices higher.
Presently, Synthetix price is trading at $2.229 with an intraday rise of 2.11%. The 24-hour volume to market cap is 8.24%.
The pair of SNX/BTC is trading at 0.0000863 with an intraday rise of 2.13%. The price pattern of both the pairs looks similar and buyers seem to be preparing for the big up move.
Will Synthetix Price Turn Bullish for the Short Term?
Synthetix price prediction is bullish till SNX crypto price sustains above $1.800. It formed a Doji candle near to support indicating the initial signs of reversal. The buying volume is also on the rise showing that some genuine investors might have been accumulating at lower levels.
If the buyers of SNX crypto succeed in breaking the $2.500 hurdle then the short-term trend will turn bullish. On the other hand, if the SNX price drops below $1.900 then more downside will open.
The technical analysis suggests that the SNX price is in the initial phase of reversal and the probability of reaching $3.00 is high.
SNX Price Analysis on Weekly Time Frame
SNX price formed a bullish engulfing candle on a weekly time frame. However, it will be interesting to see whether the buyers are able to give the follow-up momentum or not.
The MACD curve in the SNX crypto is sloping upward and the histogram bar turns green. It indicates bulls are active and returning back to track. The RSI curve at 52 also slopes upward denoting the strength of bulls and more room for upside is open.
Conclusion
Synthetix price prediction remains bullish and suggests a rise in the coming months. SNX price took support near $2.00 and showed initial signs of reversal. The technical analysis, the SNX price is recovering and the possibility of reaching $3.00 is high.
Technical levels
- Resistance levels: $2.500 and $3.253
- Support levels: $1.900 and $1.636
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
