Synthetix Price Analysis: SNX Gained around 96% Following the BTC Recovery above $20000

• Synthetix price has gained around 96% in the last 24-hour period as Bitcxoin the greatest market dominator recovered above $20000.
• The crypto asset has recovered above 20 and 50 EMA, meanwhile it is trading towards 100 and 200-days Daily Moving Average surpassing the horizontal range-bound area. 
• The pair of SNX/BTC is at 0.0001493 BTC with an intraday gain of 77.42%.

Synthetix price is trying to recover above the range-bound area and is heading upwards from the consolidation phase. As soon as Bitcoin the traditional cryptocurrency starts gaining above $20000 and is still gaining other altcoins also starts rallying bullish and are recovering over the daily price chart. SNX coin is surpassing the accumulation phase and is heading towards the distribution phase. The crypto asset has successfully recovered above 20 and 50 EMA, meanwhile the token is trying to recover till other bullish hurdles of 100 and 200-days Daily Moving Average. SNX investors need to wait until bulls sustain above the distribution phase. 

Synthetix price is presently CMP at $2.76 and has gained 92% of its market capitalization in the last 24-hour period. Trading volume has missively increased by 888% in the intraday trading session. This shows that SNX coin is experiencing strong buying over the daily price chart. Volume to market cap ratio is 0.6542.

SNX coin price is heading towards the distribution phase and is trying to sustain at the current level. The token must maintain its uptrend momentum to surpass the distribution phase. For the time being volume change can be seen above average and favors the bulls. SNX at first got rejected from the accumulation level and broke down but then as soon as BTC started recovering above $20000 level other altcoins also started the same momentum with definite bullish trend. 

Will SNX maintain itself up to the Distribution Phase?  

SNX coin price is trying to gain strong uptrend momentum and is still trying to reach the distribution phase in the intraday trading session. The token must maintain its uptrend momentum to register its recovery over the daily price chart. Technical indicators suggest the uptrend momentum of SNX coin. Relative Strength Index showcases the uptrend momentum of SNX token. RSI is at 55 and has surpassed neutrality heading towards the overbought territory. MACD exhibits the bullish momentum of the SNX coin. The MACD line crosses the signal line upwards resulting in a positive crossover.

Conclusion   

Synthetix price is trying to recover above the range-bound area and is heading upwards from the consolidation phase. As soon as Bitcoin the traditional cryptocurrency starts gaining above $20000 and is still gaining other altcoins also starts rallying bullish and are recovering over the daily price chart. The token must maintain its uptrend momentum to surpass the distribution phase. For the time being volume change can be seen above average and favors the bulls. Technical indicators suggest the uptrend momentum of SNX coin. RSI is at 55 and has surpassed neutrality heading towards the overbought territory.

Technical Levels

Support Levels: $1.45

Resistance Levels: $3.45

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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