SNX/USD Gears up for Recovery Above $2.5

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The Synthetix price prediction reveals that SNX may begin to form higher as the bears may soon lose grip over the coin.

Synthetix Prediction Statistics Data:

  • Synthetix price now – $0.56
  • Synthetix market cap – $567.6 million
  • Synthetix circulating supply – 249.9 million
  • Synthetix total supply – 312.5 million
  • Synthetix Coinmarketcap ranking – #70

SNX/USD Market

Key Levels:

Resistance levels: $2.8, $3.0, $3.2

Support levels: $1.6, $1.4, $1.2

SNXUSD – Daily Chart

SNX/USD is hovering above the 9-day and 21-day moving averages while the $2.0 support level remains the critical support where the price has been holding for some time now. However, since a few days ago, SNX/USD has been trading above the moving averages and this could make the coin cross above the upper boundary of the channel.

Synthetix Price Prediction: Will Synthetix Move Higher?

The Synthetix price may continue to rise and could probably cross the channel if the bulls could hold the $2.2 level. Therefore, any further bullish movement above the upper boundary of the channel may locate the potential resistance levels at $2.8, $3.0, and $3.2.

Nevertheless, this technical Prediction may be invalidated if the bears break below the 9-day moving average and head toward the lower boundary of the channel. Any further bearish movement could reach the supports at $1.6, $1.4, and $1.2. Moreover, the technical indicator Relative Strength Index (14) is likely to cross back into the overbought region which could push the coin in the positive direction.

Against Bitcoin, the Synthetix price is attempting to cross above the upper boundary of the channel with a major resistance level at 1200 SAT. The long-term moving averages may likely keep the bullish movement as the market could be starting a new trend by crossing above the channel.

SNXBTC – Daily Chart

However, if the buyers could push the price to the upside, higher resistance could be located at 1250 SAT and above as the technical indicator Relative Strength Index (14) moves to cross above the 60-level, indicating that buyers are coming into focus. Moreover, should the bulls fail to move the current market value above the aforementioned barrier, the bears may step back into the market, and the critical support level could be found at 850 SAT and below.

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