Synthetix Price Analysis: SNX Retracement on the way, Know some Interesting Levels

• Synthetix Price gained 13% during yesterday’s trading session.
• The crypto asset is trying to recover till 20, 50, 100 and 200-days Daily Moving Average. 
• The pair of SNX/BT is CMP at 0.0001249 BTC with an intraday gain of 8.14%. 

Synthetix Price is trading bullish since yesterday and trying to recover towards the higher level. SNX coin needs to maintain current momentum for a strong bullish rally. The token has been falling since 2nd April to find support but finally it managed to gather support yesterday at $4.47 mark. SNX bulls are ready to set a benchmark for the SNX coin and try to recover the crypto asset above $5.43. If SNX successfully breaks out of the $5.43 primary resistance level then investors may witness a triumphant retracement by SNX with a strong bullish momentum. So these were some important levels to be observed during the day’s trading session.

SNX Coin is presently CMP at $5.00 and has gained 8.10% of its market capitalization in the last 24-hour period. Trading volume has increased by 61.34% in the intraday trading session. This shows that buyers are still getting involved in the trade to recover the token upto the primary resistance level. The volume to market cap ratio is 0.1878.

Synthetix Price trying to recover over the daily chart. Bulls look pretty determined to push the coin towards the higher levels. SNX investors aim to cross all bullish hurdles like 20, 50, 100 and 200-days Daily Moving Average. However, bears may interrupt the momentum of SNX in between. Trading volume is below average and needs to grow during the day’s trading session. 

Support at the lower end resides at $4.43 and resistance at the higher level is marked at $5.43.

SNX: Bears vs Bulls Game still on

SNX is bullish with a strong upward momentum over the daily chart. The token is recovering slowly and steadily. SNX investors waiting for the token’s breakout from the $5.43 mark to witness a blast over SNX price. However, there’s always a benefit of doubt in between each conclusion made in the cryptocurrency market. Short-sellers may approach in between to break down the momentum and drop the token beforehand. Technical indicators showcase neutrality for the SNX coin. 

Relative Strength index forecast neutrality for SNX coin. RSI is marked at 44 any directional change may be observed upto 50. 

MACD exhibits that the token had a negative crossover and the token after gathering support is now trying to get stability. 

Conclusion

The SNX coin is bullish with strong upward momentum over the daily chart. The token needs to break out of the $5.43 primary resistance level to continue the uptrend momentum and be in a bullish rally. This may lead to a bullish reversal and a retracement phase over the daily chart. 

Technical Levels

Support Levels: $4.43 and $3.00
Resistance Levels: $5.43 and $7.79 

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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