SNX Token price analysis: SNX token price shows a sharp recovery, what’s next?

• SNX token price has been on an uptrend as the token price bounced off the demand zone.
• SNX token price is trading near the supply zone and as of now, it has started consolidating near it.
• The pair of SNX/BTC trading at the price of 0.0001163 with a decrease of -0.69% in the last 24 hours.

The price of the SNX token has been rising and has just bounced off the demand zone in the last 24 hours. The price of tokens is still circling the available supply. On a daily time scale, however, it has developed a bearish rejection candlestick pattern. On a daily basis, it has developed a pattern with a rounded bottom. On a daily time scale, the price of the SNX token is producing higher high and higher low formations. The token price is currently trading in the supply zone after breaking through every single short-term resistance. After rebounding from the lower band of the Bollinger band indicator, the price of the SNX token is currently trading at the upper band of the indicator. The price of the SNX token has demonstrated a breakout of the 14 SMA, signalling bullishness. However, the SNX token is still trading below 50 and 100 Moving Averages despite the recent bullishness in the price of the SNX token. As a result, the price of the token can gain support and move upward before sharply increasing. Despite the bullishness over the past 24 hours, volumes have declined. Investors should therefore exercise caution and wait for a distinct trend.

The SNX token price is forming a rounding bottom pattern on the daily time frame

Average Directional Movement Index: ADX curve has been dipping on a higher time frame as the token continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the token price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.

Relative Strength Index: RSI curve is trading at the level of 45.28. The RSI curve is yet to cross the halfway mark of 50. Once the token gives a breakout of a rounding bottom pattern on a daily time frame, the RSI curve can be seen moving up, probably crossing the halfway mark of 50. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.

Supertrend: Supertrend indicator is positive as the token price broke the important small-term supply zone on the daily timeframe. Since then the token price has failed to give a breakout of the supply zone in a larger time frame. As of now, the token price has broken the super trend sell line which has triggered a buy line.

Conclusion: SNX token price has been hovering around the supply zone. The technical parameters suggest a bullish move in the upcoming days. The price action is also suggesting the same. It remains to see if the token price will break the rounding bottom pattern or fall heavily

SUPPORT: $1.565 and $1.45

RESISTANCE: $2.14 and $2.50

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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