Synthetix (SNX/USD) Breaches $4.00 Resistance, Eyes Higher Levels
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Synthetix (SNX/USD) found strong support at the $3.50 level, halting the downtrend that began above $5.00. This level proved pivotal, reversing the momentum and sparking a bullish rally. The uptrend shows strong momentum and potential for further price increases. Aggressive buying pressure swiftly turned the previous resistance at $4.00 into new support, solidifying the current upward trajectory.
Synthetix Market Data
- SNX/USD Price Now: $4.29
- SNX/USD Market Cap: $1.4 million
- SNX/USD Circulating Supply: 327 million
- SNX/USD Total Supply: 328 million
- SNX/USD CoinMarketCap Ranking: #75
Key Levels
- Resistance: $3.00, $3.50, and $4.00.
- Support: $2.00, $1.50, and $1.00.
Synthetix Market Analysis: The Indicators’ Point of View
Today’s trading session has been dominated by bulls, propelling the price of Synthetix (SNX/USD) towards the 20-day moving average (MA). The 20-day MA, which had previously shown signs of flattening, could now experience a directional shift upwards due to the current bullish momentum.
A decisive break above $5.00 would confirm a clear bullish trend, while a drop below $3.50 would signal a bearish reversal. The current price volatility is reflected in the bandwidth of the price channel.
Traders considering joining the uptrend should be aware of potential resistance at the 20-day MA and the possibility of the price finding equilibrium near the midpoint of the recent trading range. This equilibrium point could lead to a temporary decrease in volatility.
SNX/USD 4-Hour Chart Outlook
Examining the 4-hour chart, the bullish momentum in Synthetix (SNX/USD) suggests there could be further upside potential. The recent surge above the key resistance level at $4.10 and subsequent break of the previous high indicate a move towards $4.50.
However, it’s important to note that the trading volume doesn’t necessarily match the price action strength. This could be a sign of limited participation by larger market players.
Despite this crypto signal, the current bullish trend might attract more traders, potentially amplifying the upward move.
