The Synthetix Market (SNX/USD): Buyers Are Eyeing the $2.500 Resistance Level
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On June 25, strong bullish activities propelled the Synthetix market towards the edge of $2.500. There was indeed a burst of investment interest in the bull market on that day. But despite bullish aggression on that day, the bull market was cut short at the $2.213 price level.
Synthetix Market Data
- SNX/USD Price Now: $2.24
- SNX/USD Market Cap: $593,228,398
- SNX/USD Circulating Supply: 264,382,957
- SNX/USD Total Supply: 320,577,691
- SNX/USD CoinMarketCap Ranking: #67
Key Levels
- Resistance: $2.500, $2.700, and $3.00
- Support: $1.900, $1.700, and $1.500.
Price Prediction for Synthetix: The Indicators’ Point of View
On June 28, the Synthetix bears pushed the market significantly, such that the price was almost crossing into the sell zone. Then, at $1.911, the bull market was triggered, and it reclaimed the bullish price until they were able to secure the support level considerably in proximity to the $2.186 resistance level.
Today’s Synthetix market has so far been dominated by the bulls, and on the chart, trading activities have been represented by a marubozu candlestick pattern. However, the volume of trade appears to be in short supply, and that may explain why the upper standard deviation of the Bollinger indicator is not responding to today’s bullish market.
SNX/USD 4-Hour Chart Outlook
The outlook for the Synthetix market in the 4-hour timeframe suggests that bearish sentiment is strong at $2.186. Although the bulls are currently running the market, they cannot go beyond the limit of the $2.186 resistance level. The Bollinger Bands continue to be unresponsive to the bullish activities in the market. The indicator portrays a ranging price channel. More bullish force is needed at this crucial price level.
