Synthetix Price Analysis: SNX continues to gain momentum after accumulation phase

• The Synthetix token price appears to be in bullish territory since last night after interrupting the narrow range of accumulation.
• Last night, SNX token noted the 16.2% increase in its value with massive trading volume.
• Today, SNX holders are attempting to close the daily price candle above the 200-day moving average.

Synthetix token price is moving towards the psychological round level of $10. On March 18, the bulls were able to convert the bearish outlook into short-covering. However, the coin’s price action is declining after hitting a record low of $28.98 over the past several weeks. Since February 14th, the Cryptocurrency Has Lost Nearly 86% in Its Most Recent 2022

Prior to the previous night, an accumulation phase existed (yellow box), where SNX price was trapped in a narrow range. Thus, the token price is indicating a solid bullish candlestick in terms of the weekly price chart. Similarly, the SNX token price is trading at $6.8, which is up 11.2% at the time of writing. Moreover, the SNX/BTC pair price exceeded 0.0001463 Satoshis similar to the USDT pair.

With a bullish trend, the SNX token is approaching the upcoming short-term resistance at $7.50 and the support level sits at the lower boundary of the $5-box pattern. However, volatility exists in the Synthetix token nowadays, which has resulted in the coin returning a volume of 62% over the past 24 hours. Furthermore, the volume to market capitalization ratio is 0.3645.

RSI crosses overvalued zone door after a long time

The daily price chart of SNX token is trading above the 20,50 and 100-day EMA and today the bulls are looking to close a bullish intraday candle above the 200-EMA line (which stood as a long-term slope resistance).

The RSI is forming a higher-high, higher-low in the context of the daily price chart. After a long time, the RSI is looking to peak in the overbought zone. Similarly, the Average Directional Index is set to climb higher. At that point, ADX is at 32-level, indicating solid bullish momentum for the SNX token.

Conclusion 

There is no doubt that the Synthetix token has changed its bearish nature, but nonetheless, there are several bullish hurdles during the bullish rally that could affect the directional trend.

Support  level- $5 and $3.5

Resistance level- $7.5 and $10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

News Source