Crypto Technical Analysis

Synthetix (SNX) Technical Analysis: SNX to Face Another Rejection, Has the Bearish Trend Ignited?

Key Takeaways

  • The SNX price closed the previous day’s trade at INR 393.21 with a market capitalization of INR 55.49 Cr and a circulating supply of 11,48,41,533.01 SNX
  • The price appears to have halted the current descending trend but eventually may continue to reach the lower support at the earliest

Synthetix (SNX) Technical – Analysis for Today: 13 April 2022

The SNX price underwent a notable uptrend throughout the previous day’s trade and appears a little exhausted at the moment. Yet the price is pretty poised to continue ranging high and hence hovers around the crucial resistance levels. No doubt the buying volume has depleted drastically, but the selling volume remains distinct. And hence the price may continue to consolidate above the resistance at INR 379.40 until the day’s close. 

Synthetix (SNX) Technical Analysis at a Glance

The Synthetix price for a pretty long time has been trending within a significant descending trend. And despite a flip to ignite a rebound, the asset could eventually follow a notable descending trend to reach the lower support. Therefore, the probability of the asset hitting the levels beneath INR 228.56 arises which may further ignite a strong uptrend soon.

Short-Term SNX price ranging high but faced a couple of rejections at the crucial resistance. Therefore a notable pullback may make its way as the asset is forming a double top pattern
Mid-Term After a steep drop, the asset is attempting to stabilize and validate a flip from the bottom levels
Long-Term The price is dropping hard with an accumulated selling volume, however, a minor flip or a halt may be expected in the next couple of days

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 51.77 / 44.39 Neutral / Sell
MACD(12,26) 0.06 / -0.04 Buy / Sell
Average Directional Index(ADX) 25.82 / 39.94 Sell / Sell
Bull-Bear Power -0.055 / -0.86 Sell / Sell

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 INR 364.17 INR 372.55
Moving Average(MA)-200 INR 414.45 INR 504.35
Resistance INR 379.40 INR 881.47
Support INR 355.02 INR 190.46

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 62.76 17.33
Ultimate Oscillator 54.14 40.16
Average True Range(ATR) 0.094 0.63
CCI 0.74 -83.21

The bears appear to have capitulated the SNX price as the asset is extremely bearish in all the time frames. The RSI is depleting hard, while a notable selling volume has been accumulated indicating the continuation of a descending trend. While the strength of the asset is draining, the volatility of the asset also has reduced drastically. 

On the other hand, the current price just got rejected from the immediate resistance but still, a chance of a retest is high. And hence these levels could be tested and cleared in the upcoming days. However, the long-term forecast is notably bearish which may fuel the beamish trend with a minor flip towards the south from the current levels.

Additional Read: SNX Price Prediction.

SNX/USDT Technical-Analysis for Short-Term

Source: Tradingview

  • The SNX price maintained a consolidated trend for quite a long time before it spiked high beyond INR 600
  • However, after reaching the monthly highs, the price depleted drastically towards the same support levels and began consolidating hard
  • Currently, the price is attempting hard to break through the descending parallel channel and also testing the crucial levels, that act as both resistance and support accordingly
  • Yet the volume appears to have depleted to a large extent and hence no specific surge may be expected in the short term

SNX/USDT Technical Analysis for Long-Term

Source: Tradingview

  • The SNX price since the beginning is swinging within a symmetrical triangle which was about to slice through the lower support
  • The recent flip temporarily halted the descending trend and due to which the possibility of slicing through the upper resistance emerged
  • Yet the price is expected to consolidate within the triangle for some more time until it reaches the apex and further ignites a strong uptrend
  • The uptrend may elevate the price towards INR 800 initially, further which, the rally could hit a 4-digit figure soon

Where & How to Buy Synthetix (SNX)

Planning to buy Synthetix (SNX) and searching for the best deal? No worries, you are at the right place. 

CoinDCX, being India’s most preferred cryptocurrency exchange, offers you a wide variety of crypto-asset at affordable rates with multiple benefits and features. Just download the CoinDCX App on your smartphone, and enter the required details. Once your details are verified, fund your wallet and buy Synthetix(SNX). 

Investing in any of your crypto assets has become more simple and safer on CoinDCX with the Crypto Investment Plan (CIP). Here you can invest in your desired cryptocurrency in simple weekly installments for a specified tenure. Therefore, start in Bitcoin & other cryptos with Crypto Investment Plan now!


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to .
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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