<em><strong>The SNX price action shows a high momentum bear cycle within a wedge teasing a bearish breakout to test the crucial sport at $3.</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The Synthetix price action forms a double top within the rising wedge pattern.</li>
 	<li>The 50 and 100-day SMA crossover gains a bullish spread.</li>
 	<li>With a market cap of $422 million, the intraday trading volume of SNX has increased by 16% to reach $64.20 million.</li>
</ul>
<h3>Past Performance of SNX</h3>
The SNX price action shows a bearish reversal from the $4.38 to the $3.5 support level within a rising wedge, indicating the completion of the bear cycle. The downtrend wiggles up and down the 200-day SMA while forming the double top pattern with a neckline at the $3.5 mark. However, the support trendline of the rising wedge pattern cushions the downfall leading to lower price rejection candles.
<p style="font-weight: 400"><span style="font-weight: 400"><img class="alignnone" src="https://s3.tradingview.com/snapshots/f/FJake0PA.png" alt="SNX/USDT Chart" width="1942" height="1106" /></span></p>
Source - <a href="https://www.tradingview.com/x/FJake0PA/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>SNX Technical Analysis</h2>
The SNX price retests the broken 200-day SMA, leading to the higher price rejection in the daily candle. Hence, the increasing downtrend momentum teases a downfall below the support trendline and a drop below the $3.5 mark. The recent bullish crossover of the 50 and 100-day SMA gains a bullish spread despite the bear cycle within the wedge.

The daily RSI slope drops to the halfway line, crossing below the 14-day SMA, reflecting a rise in the underlying bearishness. Moreover, the MACD indicator shows the increased selling pressure undermining the bull cycle with a bearish crossover.

In summary, the SNX Technical Analysis displays a high likelihood of a downtrend breaking below the rising wedge pattern.
<h2>Upcoming Trend</h2>
The increasing selling pressure may push the SNX prices below the support trendline resulting in the $3.5 breakout. Moreover, the breakout rally can reach the crucial support level at the $3 mark.

On the contrary, the bullish reversal within the wedge will hit the resistance trendline at the $5 mark.

Resistance Levels:  $4.5 and $5

Support Levels: $3.5 and $3

SNX Technical Analysis: Bears Hijack Wedge, Threaten 10% Drop

The SNX technical analysis shows a high momentum bear cycle within a wedge teasing a bearish breakout to test the crucial sport at $3.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SNX Technical Analysis: Bears Hijack Wedge, Threaten 10% Drop

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