Synthetix Price Analysis: SNX regained 30% this week; is it the right time to buy?

• The Synthetix token is looking bullish as the token reclaimed nearly 30% of its cost this week.
• The SNX token price is approaching the 50 day moving average in the context of the weekly price chart. 
• The Synthetix coin with the Bitcoin pair is in the green zone by 6.1% at 0.0001569 Satoshis. 

The price of the synthetix token is approaching the crucial $10 round range as it is down 30% this week. Bullocks was able to briefly translate the gloomy outlook on March 18. Nevertheless, the coin’s price has been declining after touching a record low of $28.98 in recent weeks. Since February 14, the cryptocurrency has lost nearly 86% at its most recent 2022 valuation.

Synthetix token has been rising over the past 4 weeks and has recently recovered around 115% of the cost to the highs of $7.4 – an important short-term resistance level. According to CMC, the SNX token is looking up 2.8% at $7.12 at the time of writing. According to this, the bitcoin pair belonging to Synthetix token is in the green zone with a gain of 6.1% at 0.0001569 satoshis.

March is a surpassing month for SNX investors and traders, liquidity is at its peak in this month. Last night’s assist noted the highest volatile session in 2022, with trading volume reaching $372 million. Also the volume to market capitalization ratio is 0.4575.

Could most of the next resistance affect the directional trend of SNX?

The daily price chart of the SNX token is trading above 20,50 and important moving averages such as the 100 and 200 EMAs. Yesterday the bulls revealed their true self; As a result of which the price of the asset is seen above the 200 EMA.

In the context of the daily price chart, the RSI is producing a higher-highs. After a protracted period of inactivity, the RSI is poised to reach an all-time high in the overheated zone. Similarly, the Average Directional Index is expected to rise. Around the time, the ADX was at 35, signaling strong bullish momentum for the SNX coin.

Conclusion 

Synthetix holders are attempting to manage the asset price above the 200 EMA to protect themselves from another selloff. There is still $4.5 left to act as a bullish barrier which could affect the direction of the move.

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.

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