SNX Technical Analysis – Expect it to Fall Below Level of $20.21
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SNX Technical Analysis – Expect it to Fall Below Level of $20.21

April 3, 2021      Ankita Awasthi

As per technical analysis, Synthetix is a blockchain technology-based derivative liquidity protocol. It helps users to trade in derivatives and a wide range of other assets on its DeFi platform. Users can build synthetic assets and advanced financial tools on this platform. Users can also get rewards by providing collaterals to this protocol. SNX is their prime governance token.

Past Performance

On March 27, 2021, the opening price of SNX was $17.50. As of April 2, 2021, the closing price of SNX was $21.43. Thus, in the past week, the SNX price has surged by roughly 22%. In the last 24 hours, SNX has traded between $19.74-$21.64.

SNX Price Analysis

https://www.tradingview.com/x/WuWpgCDA

Days-Ahead and Tomorrow

Currently, SNX is trading at $20.64. The price has fallen from the opening price of $21.43. Thus, the market seems bearish.

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The A/D indicator is upward sloping. Thus, whale accumulations are higher than whale distributions. High buying volumes will exert upward pressure on the SNX price. Since there is a positive divergence here, we can expect the SNX price to go up.

The MACD and signal lines are negative. However, they are inching closer to the zero line and may change signs soon. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect the price to start rising soon.

The RSI indicator is currently at 44%. It faced rejection at 50%. Thus. selling pressures are high. Hence, we can expect the price to go down further.

SNX Technical Analysis

As per technical analysis, the price has currently fallen below the Fibonacci pivot point of $20.94. We can expect it to fall below the first Fibonacci pivot support level of $20.21 soon. If the bears remain strong, by day end, the SNX price will fall below the subsequent support levels of $19.76 and $19.03 respectively.

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The price has tested and fallen below the 50% FIB retracement level of $20.69. If the price tests and falls below 138.2% FIB retracement level of $19.01, we can be assured that the bears are strong. In that case, the bear-run will continue tomorrow as well.

#SNX #Synthetix
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.