Synthetix Price Analysis: SNX Gearing Up for a Massive Rally?


  • Current Synthetix Price is 2.30 dollars
  • SNX’s intraday volume stands at $41,677,173.00.
  • Synthetix price analysis is bullish today.
  • SNX/USD pair trading below EMA(20).

03 October 2022 : 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 -1.34 percent, bringing the entire cryptocurrency market to $942,335,049,517. The total trading volume stands at $55,864,137,628. Bitcoin shares 39.85 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,591.61 level after an upward movement of 2.06%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.04 percent reaching to $1,322.00 during the previous 24 hours.
While publishing this blog, BNB traded at $288.00, following a price change of 1.43% within the same time frame. XRP the native coin of XRP is down by -0.28 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.43% 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 $2.52 Support Level 1 $2.17
Resistance Level 2 $2.68 Support Level 2 $1.99
Resistance Level 3 $2.86 Support Level 3 $1.83

Synthetix Performance

The daily chart of Synthetix shows that the SNX price has surged up with a 1.5% increase in past 24 hours. The price value of the Synthetix (SNX) coin is standing at $2.30 with market capitalization $547,725,656.00 USD. SNX price changes -0.49% over the week while the trading volume is hovering around $41,677,173.00 USD.

Synthetix Price Analysis

SNX price analysis for 03 October 2022 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) 2.37 Sell
Exponential Moving Average (10) 2.36 Sell
Simple Moving Average (20) 2.46 Sell
Exponential Moving Average (20) 2.44 Sell
Simple Moving Average (50) 2.86 Sell
Exponential Moving Average (50) 2.84 Sell

SNX has a nearest resistance of $2.52. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the resistance R2 placed at $2.68. Alternatively, if the investors turn against the Synthetix (SNX), the bears might control the market and take SNX price below the crucial support level of $2.17. 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. While SNX’s Williams %R indicator is at -60.202 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying consolidation phase while trading at 44 and is trying to break out of the neutrality zone.

Conclusions

SNX price is moving in sideways direction. The battle between the bulls and the bears can result in moving the coin price in either direction. However, The investors are waiting for Synthetix to make a one directional move to make a good entry in the market.