<strong><em>SNX prices action shows a post-retest reversal attempt from $2.35 with a morning star pattern formation. Will buyers reclaim trend control?</em></strong>

<strong>Key technical points:</strong>
<ul>
 	<li>The SNX market price has increased by 5.60% over the past 24 hours.</li>
 	<li>The price action shows a bullish reversal attempt from the $2.35 mark.</li>
 	<li>The 24-hour trading volume of Synthetix is $147 Million, indicating a rise of 100%.</li>
</ul>
<h2>Past Performance of SNX</h2>
SNX price action revealed an extended correction period beneath a bearish trendline that accounted for an 80% decline. The downward trend had reduced the market value from $7.80 to $1.50 within three months. But, the rebound from $1.50 surpasses the selling tension of the resistance trendline but the sellers stifle the bullish momentum at $3.5.

<img src="https://s3.tradingview.com/snapshots/j/jGKA4r6Y.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/jGKA4r6Y/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">SNX Technical Analysis </span></h2>
The higher price rejection led to a downfall in the <a href="https://www.cryptoknowmics.com/news/snx-technical-analysis-buyers-prepare-the-50-day-ema-breakout/">SNX</a> price action near the $3.50 mark. The bullish recovery last night helps the candle sustain above $2.35 and the buying pressure helps in further growth. Hence, the possibility of a morning star pattern forming at $2.35 increases sharply along with the trend reversal possibility. In terms of the technical indicators, the DMI displays the DI lines giving a bullish crossover as the ADX continues to fall. However, the MACD and signal lines go sideways close to the zero line while maintaining a positive alignment. Moreover, the falling trend in the bullish histograms reflects weakness in the underlying bullish.

The RSI indicator shows the sope retracing the bullish steps after sustaining above the 14-day SMA. Hence, the indicators maintain an overall bullish point of view, if we neglect the MACD indications. In short, the SNX technical analysis shows a higher likelihood of buyers regaining trend control to avoid a downfall below $2.35.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
If SNX price action forms a reversal pattern near the $2.35 mark, a jump to $3.5 is highly likely with the support of increased trading volume.

<strong>Resistance Levels:</strong> $3.5 and $5

<strong>Support Levels:</strong> $2.35 and $1.50

SNX Technical Analysis: Will Buyers Sustain $2.35 Stronghold?

SNX Technical Analysis shows a post-retest reversal attempt from $2.35 with a morning star pattern formation. Will buyers reclaim trend control?

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: Will Buyers Sustain $2.35 Stronghold?

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