<em>SNX price action shows a descending triangle pattern in the daily chart, with the base at $2.68, teasing a downtrend to the $2.20 mark. </em>

A bullish reversal in SNX prices from $2.68 struggles to rise above the resistance trendline leading to a descending triangle pattern in the daily chart. Currently, the prices revert from the resistance trendline teasing a potential fall to the $2.68 base. So, will the prices continue to fall with a bearish breakdown of the triangle pattern?

<strong>Key Points: </strong>
<ul>
 	<li>The SNX price action displays a triangle pattern forming in the daily chart.</li>
 	<li>The daily RSI slope maintains a sideways trend below the halfway line.</li>
 	<li>With a market cap of $677 Billion, the intraday trading volume of Synthetix has increased by 27% to reach $124 Million.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/1/1xV0DvN6.png" alt="SNX/USD Price Chart" width="2047" height="1057" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/1xV0DvN6/" target="_blank" rel="noopener">TradingView</a>
<h2><span style="font-weight: normal">SNX Technical Analysis </span></h2>
The SNX prices fell sharply to the $2.68 mark from the supply zone at $4.20, accounting for a 37% drop within a fortnight. However, the price action creates a descending triangle pattern with a lower high formation trend generating a resistance trendline.

The bearish crossover of the 20 and 50-day SMA increases the possibility of a downtrend continuation.

The bearish breakdown of the triangle pattern will result in a prolonged downtrend to the next support level of $2.20. Conversely, a bullish reversal giving a bullish breakout will retest the 50-day SMA at $3.25.
<h2><span style="font-weight: normal">Technical Indicators </span></h2>
The RSI slope maintains a sideways trend within the nearly oversold zone, reflecting a bearish inclination in the underlying sentiment. Furthermore, the MACD indicator displays a decline in the bearish gap teasing a bullish crossover.

Hence, the technical indicators have opposing views on the upcoming trend in <a href="https://www.cryptoknowmics.com/news/snx-technical-analysis-will-this-weekend-reversal-sustain-above-3/">SNX</a> prices. Therefore, traders hoping to ride the breakout rally must wait for the price action confirmation.

<strong>Resistance Levels:</strong> $3 and $3.25

<strong>Support Levels:</strong> $2.68 and $2.50

SNX Technical Analysis: Prices Within Triangle Threaten A Downfall Below $2.66

SNX Technical Analysis shows price action in a descending triangle pattern in the daily chart, with the base at $2.68, teasing a downtrend.

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: Prices Within Triangle Threaten A Downfall Below $2.66

Top Picks