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Sanjay Shukla
Nov 25, 2022
by Sanjay Shukla

SNX Technical Analysis: Selling Pressure Drives Synthetix Below $1.70

SNX Technical Analysis
The SNX technical analysis shows bearish reversal momentum as RSI struggles to stay above the mark of 50, with prices jumping below 200-day EMA.

Synthetix (SNX) has declined by 6.66% during the last 24 hours, dragging the market cap to $532.59 million, with a drop of 5.40%. The SNX prices pulled down from $1.78 to break below the mark of $1.70. At the current trading price of $1.66 as of writing the token is taking support at $1.65. The sharp dive below the 200-day EMA underlines the strong bearishness in the market driven by the dominance of sellers. Forming a descending triangle pattern the trendline indicates a continuation of bearish momentum in the market. However, the token’s 24-hour trading volume surged by 8.12% to reach $22.74 million.

Key Points

  • The SNX price action shows a declining trend due to increased selling pressure

  • The descending triangle pattern on the daily chart projects an upcoming downtrend 

  • The intraday trading volume in SNX is $22.74 million, reflecting a rise of 8.12%

    • TradingView ChartSource: Tradingview

    SNX Technical Analysis

    The descending triangle pattern formed by support and resistance trend lines on the daily chart displays underlying bearishness in the market. The SNX prices pulled back at $1.65, narrowly escaping falling below the crucial support level of $1.60. Due to increasing selling pressure the SNX significantly fell below the 200-day EMA, reflecting a persistent downward trend. The token sharply fell below the 23.60% Fibonacci retracement level from 78.60%, also supporting the declining trend in the market. The sideline traders have to wait to get an entry opportunity if price action signals a bullish breakout, which may take the price above $1.75. On the other hand, if SNX fails to reverse, it may fall below the mark of $1.50, triggering a selling spree.

    Technical Indicators

    RSI slope sharply fell below the halfway line making a bearish divergence under the 14-day SMA representing bullish sentiment due to increased selling pressure. Moreover, the fast and slow lines give a bearish cross as bearish bars again emerge on the histogram.

    The technical indicator confirms the lack of bull in the market due to a declining trend backed by rising selling pressure with MACD again on a downswing.  

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    SNX Technical Analysis: Selling Pressure Drives Synthetix Below $1.70
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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