Synthetix (SNXUSD) Continues its Upside Journey From 2.024
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
The Synthetix bull market started on June 9, after bears pushed the price below the $1.719 support level. This $1.719 price level has been the psychological level during the last bear cycle. Strong bearish sentiment forced the price into oversold territory; however, this was what triggered the bull market.
Synthetix Market Data
- SNX/USD Price Now: $2.573
- SNX/USD Market Cap: $693,031,551
- SNX/USD Circulating Supply: 267,074,020 SNX
- SNX/USD Total Supply: 321,228,581
- SNX/USD CoinMarketCap Ranking: #63
Key Levels
- Resistance: $2.80, $3.00, and $3.50.
- Support: $1.90, $1.50, and $1.30.
Price Prediction for Synthetix: The Indicators’ Point of View
Looking at the volume indicator, we notice the volume histogram gaining bullish traction. This is a pointer to the growing Synthetix bullish sentiment. The bear market is also reacting to this massive bullish run. That explains the reason for the diverging standard deviation curves of the Bollinger Bands indicator.
The Synthetix bull claimed this higher demand level towards the end of June, and since then it has acted as a strong baseline for the bull market. The current bullish run was triggered after the Synthetix bears drove the price towards the level.
SNX/USD 4-Hour Chart Outlook
In the 4-hour timeframe, the market had consolidated around the key support level. This seems to have strengthened the support level to facilitate the continuation of the bullish trend. In the previous 4-hour session, the market pumped so strongly that at the high of $2.812, some traders began to take their profits, and the market fell back to around $2.309. But once again, the market is on the trail of the $2.812 price level.
