Synthetix (SNX) allows everyone from around the globe to trade in derivatives. It offers a variety of tradable Defi-based assets and allows exposure to anyone. You can also earn by providing collateral to the synthetic protocol. Let us look at the technical analysis of SNX.
On July 3, 2021, SNX opened at $6.91. On July 9, 2021, SNX closed at $11.47. Thus, in the past week, the SNX price has increased by approximately 65.90%. In the last 24 hours, SNX has traded between $9.92 – $12.12. Thus, indicating high volatility in the market.
Day-Ahead and Tomorrow
Currently, SNX is trading at $11.28. The price is up 15.48% in the past 24 hours. The price has increased from the day’s opening price of $10.00. Thus, the buying pressure seems high in the market.
The MACD and signal lines are still in the negative zone. However, they are close to the zero range and forming a bullish crossover by the signal line over the MACD line. Thus, the overall market momentum is turning bullish. Hence, we can expect the SNX price to rise further.
Currently, the RSI indicator is at 59.89%. The RSI has maintained support at the 53% mark. Therefore, any indication to short will be, if it breaks the support level. Till then, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to break the resistance level of $12.74.
In short, when we look at both oscillators, we can say that the price may continue to trade between two levels, $9.34 and $12.74. Any breakout from these two price levels will give us a confirmation for any trade. Till then, as per the RSI and MACD traders can scalp on the short side.
Also, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
SNX Price Analysis
Currently, the price is below the second Fibonacci pivot point of $12.70. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $9.34, $7.90, and $6.50, respectively.
The chances of, price breaking the support level are less. Therefore, if the price breaks out from the resistance level of $12.70. Then, it will highlight the next resistance at $15.10.