menuIcon
$ 96,423.3
BTC
$ 96,423.3
2.38 %
$ 1,839.80
ETH
$ 1,839.80
2.56 %
$ 0.7080
ADA
$ 0.7080
3.85 %
$ 599.80
BNB
$ 599.80
-0.03 %
$ 150.62
SOL
$ 150.62
2.07 %
Vikram
Apr 21, 2022
by Vikram

SNX Technical Analysis: Will The Uptrend Outgrow Bullish Pattern?

SNX
A sharp V-shaped reversal in the SNX coin price creates a rounding bottom pattern with a neckline at $7.65. Will buyers surpass the limit for a bullish breakout?

Key technical points:

  • The 50 and 100-day EMA are ready for a bullish crossover. 

  • The MACD and signal lines regain bullish alignment. 

  • Finally, the 24-hour trading volume of Synthetix is $352 Million, marking a 61.58% rise.

    • Past Performance of SNX

    SNX coin price failed to sustain above the 200-day EMA after facing the high supply increase near the $7.65 mark. The rejection led to a 40% within a fortnight, reaching the $4.50 support zone breaking below all the crucial EMAs. However, the buyers actively took control of the trend and brought a V-shaped reversal, regaining the 200-day EMA. 

    SNX Technical Analysis 

    SNX coin price surpasses the $6.50 with a 35% jump in the last three days and a jump in buying pressure reflected by the increased trading volume. Hence, the momentum-packed reversal rally will shortly reach the neckline at $7.65.

    The crucial daily EMAs (50, 100, and 200) maintain a bearish alignment, but the 50 and 100-day EMAs are ready for a bullish crossover. Moreover, the price sustaining above the 200-day EMA increases the chances of bullish continuation.

    RSI Indicator: The RSI slope surges to cross above the 14-day average line after moving sideways below the halfway line. The uptrend shows a diagonal rise as it approaches the overbought boundary.

    MACD Indicator: The bullish crossover of the MACD and signal lines gradually gain spread after crossing above the zero line. 

    In a nutshell, the SNX technical analysis highlights the high probability of bulls completing the rounding bottom pattern.

    Upcoming Trend 

    The SNX coin price inflates remarkably as the buying pressure increases, fuelling the uptrend within the rounding bottom pattern. That's why the uptrend may shortly reach the neckline at $7.65, with a high likelihood of a bullish breakout. In such a case, a bull run to $10 is plausible.

    Support Levels: $6.50 and $5

    Resistance Levels: 7.65 and $10

    Follow us on: News
    Synthetix SNX
    SNX Technical Analysis: Will The Uptrend Outgrow Bullish Pattern?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&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.

    Top Picks