Synthetix is a blockchain-based derivatives liquidity protocol that allows derivative trading on the Defi platform. Thus, users can gain exposure to a wide range of digital assets anytime, anywhere. Users can also create synthetic assets on this platform. SNX is the native token of this ecosystem. The SNX technical analysis is as follows:
On May 6, 2021, SNX started trading at $17.67. On May 12, 2021, SNX closed at $17.99. Thus, in the past week, the SNX price has surged by roughly 2%. In the last 24 hours, SNX has traded between $16.14-$21.50.
Day-Ahead and Tomorrow
Currently, SNX is trading at $20.12. The price has increased from the day’s opening price of $17.99. Thus, the market seems to be bullish.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to go up further. However, both the lines are very close to the zero line and may turn negative in some time.
The RSI indicator faced rejection at 64% and is currently at 59%. Thus, selling pressures are slowly mounting. Hence, the price may start falling after rising for some time. In other words, both the RSI and MACD oscillators are pointing towards an impending trend reversal.
However, the A/D line is upward sloping. Hence, whale accumulation is higher than whale distribution. Heavy demand for crypto is likely to push its price upwards.
SNX Technical Analysis
In short, when we look at all the oscillators together, we can say that currently, the price uptrend is strong. However, a trend reversal or intermittent price pullback amidst the bullish trend cannot be ruled out.
Currently, the SNX price is above the first Fibonacci pivot resistance level of $19.88. It may soon surpass the subsequent resistance levels of $20.91 and $22.58, respectively. Thereafter, we have to wait and watch if a price pullback or trend reversal occurs.
The price has tested and broken out of the 23.6% FIB retracement level of $19.48. Thus, the price uptrend seems strong and expected to continue tomorrow as well. However, there may be temporary price pullbacks as a part of the price discovery process.