Synthetix Price Analysis: Will SNX Surge to hit $2.43


  • Synthetix’s EMA(10) shows a upward trend.
  • Synthetix gain bullish momentum over the past week gaining 17.46%.
  • The current trading volume of Synthetix is at $94,456,001.00.
  • Bull control SNX’s current price actions.

29 February 2024 : In this article we will walk you through Synthetix price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Synthetix, Is SNX a good investment? Synthetix support & resistance levels etc. But before diving deep into the SNX technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,259,366,785,981. The total trading volume stands at $156,593,147,955. Bitcoin shares 53.23 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $61,190.43 level after a decline of -0.19%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -0.41 percent reaching to $3,330.46 during the previous 24 hours.
While publishing this blog, BNB traded at $398.58, following a price change of -3.3%within the same time frame. SOL the native coin of Solana is up by 6.73 and currently trading at $124.73. Additionally, XRP reached $0.59 after seeing a uplift of 2.08% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Synthetix Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Synthetix (SNX)

SNX Resistance Levels SNX Support Levels
Resistance Level 1 $2.43 Support Level 1 $1.90
Resistance Level 2 $2.68 Support Level 2 $1.62
Resistance Level 3 $2.97 Support Level 3 $1.37

Synthetix Performance

The daily chart of Synthetix shows that the SNX price has surged up with a 2.7% increase in past 24 hours. The price value of the Synthetix (SNX) coin is standing at $4.15 with market capitalization $1,263,742,126.00 USD. SNX price changes 17.46% over the week while the trading volume is hovering around $94,456,001.00 USD.

Synthetix Price Analysis

SNX price analysis for 29 February 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Synthetix.

Moving Averages Price Indicator
Simple Moving Average (10) 2.17 Buy
Exponential Moving Average (10) 2.20 Buy
Simple Moving Average (20) 2.24 Buy
Exponential Moving Average (20) 2.25 Buy
Simple Moving Average (50) 2.52 Buy
Exponential Moving Average (50) 2.51 Buy

While SNX’s Williams %R indicator is at -14.501 for the 14-day time period indicating a overbought condition and short term trend price correction is possible. RSI implying consolidation phase while trading at 49 and is trying to break out of the neutrality zone. The MACD line is standing above of the signal line after a positive crossover. Synthetix investors need to wait for any directional change over the daily chart.

Conclusions

There had been a positive trend for some time and it seems that the coin will continue it upward movement as long as it remains in the green area. You should only acquire crypto right now if you're prepared to book profit through short-term market moves.