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Synthetix Network Price Analysis: SNX Token Trend Cycle Flips to Green



Source: SNX/USDT on TradingView

Daily technical chart and price trend of SNX token is showing an upward trend. Based on the pivot level, the first support zone is 11.55 USDT. From another perspective, if it rushes, the resistance level to watch is 19.20 USDT. Thus, the graph made a shooting star candle pattern during the day, and the cost is relied upon to remain sideways with unwavering medium force.

The Moving Average Exponential (EMA) Ribbon, comprising of different Ema’s, goes about as solid support in the coin price move. Investors might notice the cost flies above the green ribbon, so it will guarantee an upswing in SNX until the cost dwells above.

Trading volume (2.293 M) is close to the 20-day moving average (2.579 M). To put it plainly, the volume is high and increasing, making the cost rush towards the resistance levels. Investors can likewise check that the volume bars on the graph are slanting, which demonstrates that exceptional instability is typical in the following trading days.

The Schaff Trend Cycle indicator (bullish) with a 70 represents a buy signal in the coin, projecting an uptrend. Additionally, Investors can see a green buy signal and an upward slope in the index.

Synthetix (SNX) Token Bounce Back from The 200-EMA

Synthetix Network Token price today is $ 15.01 with a 24-hour trading volume of $ 427,145,393. The price of SNX has risen 10.3% in the last 24 hours. It has a circulating quantity of 170 million SNX coins and a total quantity of 234 million. The STC points to a buying indication, and the traders have prompted high volume. In fact, the cost is moving towards the resistance regions and proceeds in an upturn. In like manner, with the general market perspective, the pattern stays bullish for coming trading days.

Resistance Level: $19.20

Support Level: $11.55

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