Synthetix (SNX) is a decentralized finance protocol that provides on-chain exposure to a wide range of cryptos and non-crypto assets. The protocol is based on the Ethereum blockchain and provides users with access to highly liquid synthetic assets. It is possible to track and receive returns on underlying assets without directly holding them.
By introducing non-blockchain assets to the cryptocurrency market, the platform provides access to a more robust financial market. Synthetix is launching Perpetual Futures. They will be holding a massive futures trading competition that you won't want to miss. Let us look at the technical analysis of SNX.
The current price of SNX is $12.33, which has appreciated by 16.07% in the last 24 hours. On the 6th of September, the price opened at $12.94 and closed at $12.85 on the 13th of September, so there is no significant price change in the last seven days. Also, the volatility is low.
After peaking at 56.92%, the RSI took a downswing suggesting that the selling pressures are high. The RSI might break down from its support level. We can expect the price to fall further down for a while.
MACD and EMA lines are above zero suggesting a buy, however, there is a bearish crossover on the chart, the MACD line is gaining and existing in the below range suggesting the buying pressures are slowly approaching the market.
On the daily chart, the OBV has dipped and is making a downtrend on the chart, suggesting that the volume is depreciating and that the investors are losing interest.
Overall, the market seems bearish for SNX.
In short, when we look at both oscillators, we can say that the SNX price may continue to trade between two levels, $9.02 and $12.74. A breakout from these price levels will give us a confirmation for any trade. Till then, as per the RSI and MACD traders can scalp on the short side.
Also, 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.