SNX Technical Analysis: Price Likely to Fall Below the First, Second, and Third Support Levels of $9.71, $8.50, and $7.80
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SNX Technical Analysis: Price Likely to Fall Below the First, Second, and Third Support Levels of $9.71, $8.50, and $7.80

June 16, 2021      Ankita Awasthi

Synthetix (SNX) allows everyone from around the globe to trade in derivatives. It offers a variety of tradable Defi-based assets and allows exposure to anyone. The total value locked in Synthetix is $1,072,594,920. You can also earn by providing collateral to the synthetic protocol. The SNX technical analysis is as follows:

Past Performance

On June 9, 2021, SNX opened at $10.42. On June 15, 2021, SNX closed at $9.76. Thus, in the past week, the SNX price has decreased by approximately 6.33%. In the last 24 hours, SNX has traded between $9.43-$10.44. Thus, indicating high volatility in the market.

https://s3.tradingview.com/snapshots/m/mdqMvGqf.png

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

Day Ahead And Tomorrow

Currently, SNX is trading at $9.79. The price has decreased from the day’s opening price of $10.00. Thus, the market seems bearish.

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The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may rise further.

Currently, the RSI indicator is at 55.99%. It is currently at a support level on the four-hour chart. Thus, buying pressures are slowly mounting for SNX. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

On the 4-hour chart, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the SNX price.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

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SNX Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $10.60. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $9.71, $8.50, and $7.80, respectively.

The price is trading below the 23.6% FIB retracement level of $10.60. It may soon fall below the FIB retracement level of $9.78. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to 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.