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- 1 Synthetix price is currently trading at $2.026 while witnessing a loss of -2.31% during the intraday session.
- 2 SNX price trades below 20,50,100 and 200-day EMAs.
- 3 The year-to-date return of Synthetix is 40.26% while the three-month return is -25.30%.
Synthetix price (SNX price) commenced a bullish rally during the start of 2023, rising from the low of $1.426 and forming a high at $3.39. The move led to a rise of approximately 139.30%. After the high was formed, price entered into a downtrend forming lower lows.
During June, the cryptocurrency price broke the major support of $2 level and melted to form a support at $1.73. The meltdown was due to fear and negative sentiment rising in the crypto market as SEC initiated legal actions against major cryptocurrency exchanges.
After support formation at $1.73, price commenced a bullish rally to recover from the losses that occurred during June. Synthetix price did cross above $2 level but the move was halted as the price faced rejection above $2.40 level. The candle closed at $2.35 level.
Since then SNX price has been in a bearish momentum, correcting the bullish move. The price has broken a support level of $2.03 and is currently below it. The current candle is hovering above $2 psychological level. If the candle can close below $2 level, there is a high probability for the price to fall toward the major support level of $1.73.
On the other hand, if price stays above $2 level and gains bullish momentum, it might retest the resistance level of $2.35. The market capitalization of Synthetix has decreased by 3.16% to $539,004,969. The 24-hour trading volume is up by 45.86% at the time of writing. The price is down by 92.96% from the all-time high of $28.77.
Will SNX Price Stay Above $2 Level?
The cryptocurrency price trades below 20,50,100 and 200-day EMAs implying that the price possesses bearish momentum. The 20-day EMA has acted as a resistance for the price. The Chaikin money flow score is -0.07, suggesting weakness in the price.
RSI has crossed below the 50 mark and is currently trading at 44.86 indicating rising bearish momentum in the price. The price reached the upper band and entered into a reversal phase. SNX price is currently headed toward the lower band and has crossed the 20-day EMA of the Bollinger bands.
The long/short ratio is 0.83 with 45.41% longs and 54.59% shorts indicating a higher selling pressure over the price in the last 24 hours.
Conclusion
The market structure and price action of Synthetix turned bearish after the price rejected the $2.35. If the current candle is successful in closing below $2, the price might head down toward the recent support of $1.73. The technical parameters favor the selling side.
Technical levels
Major support: $1.73 and $1.52
Major resistance: $2.35 and $3.03
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.