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SNX technical analysis shows a bullish breakout of a descending triangle resulting from the 16% jump in the last two days. Will bull run cross above $3?
Key Technical Points:
- SNX prices have decreased by 16.30% in the last 24 hours.
- The price action shows a reversal from $2.20, breaking above the resistance trendline.
- The 24-hour trading volume of Synthetix is $100 Million, indicating a drop of 2%.
Past Performance of SNX
As mentioned in our previous analysis, the SNX prices sustained above the $2.20 support level. Reversal from the crucial support level results in a price jump above the 50-day SMA and breaks the habit of lower high formations. Inflating by 16% over the last48 hours, the market price breaks out of a descending triangle, starting a new bull run. 
Source - Tradingview
SNX Technical Analysis
The SNX price chart shows an increase in trading volume, supporting the breakout rally and increasing the likelihood of uptrend continuation. Hence, traders can expect the breakout rally to reach the $3.5 mark. The MACD indicator shows a lateral trend providing multiple false signals along the way. However, the resurfacing positive histograms showcase a strong trend that reflects an increase in buying pressure. Hence, we expect the positive trend to continue in the fast and slow lines. The RSI indicator shows a sideways movement near the halfway line, but the recent double bottom reversal surpasses the halfway line. The reversal sabotages the bearish divergence and displays a high possibility of an uptrend continuation. In a nutshell, SNX technical analysis displays the breakout rally gaining trend momentum and teasing a jump to $3.5.
Upcoming Trend
If the breakout rally sustains above the 50-day SMA, traders can expect the SNX market value to reach the $3.5 milestone this week. Conversely, with a price jump under the 50-day SMA, the falling trend can retest the $2.20 level. Resistance Levels: $3 and $3.5 Support Levels: $2.5 and $2.5