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- Synthetix price is consolidating in a wide range between the $3.3 to $2.3 area.
- In the context of the daily price chart, the SNX price is looking near the semi-line of the Bollinger Bands indicator.
- With the bitcoin pair, SNX price is trading up 3.9% at 0.00009038 Satoshis.
Synthetix price declined again after receiving rejection near $3.3 at the end of May. The beginning of June was unfavorable for SNX investors. Meanwhile, the altcoin price moved into a consolidation phase below the crucial round level of $3.0 mark.
On the other hand, SNX now has an important resistance level at $3.0, an important hedge area for buyers near the $2.3 level. At the time of writing, SNX price is trading at the $2.7 mark amid consolidation.
Meanwhile, the market cap is well above $3 billion according to the CMC, despite the uptrend this week. However, last night the buyers gained around 3.3% of their gains in the last 24 hours.
The $3.3 resistance level has been retested twice by long term investors. If the buyers reverse the support level and breach this area then buyers can see the $8.0 level in upcoming conditions. However, last night traders saw a drop in trending volume during short liquidations, hence the sideways move for the Synthetix coin.
How long will this sideways area exist in SNX
In terms of the daily price chart, buyers were facing a correction phase below the semi-line (20 Day Moving Average). On 30th May the bulls finally recovered above this area but the price again came back near this area.
The daily RSI for the past 10 days looks flat below the halfway mark.
Conclusion
Now the synthetic is moving sideways near the semi line of the Bollinger Bands indicator. More bullish momentum is likely if SNX price rises above the most recent bullish barrier of $3.0.
Support Levels – $2.3 and $2.0
Resistance Levels – 3.0 and $3.5
Disclaimer
The views and opinions expressed by the author, or anyone named in this article, are for informational views only, and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with the risk of financial loss.