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SYNTHETIX Price Analysis: Bulls support have lost the momentum at $8.039

SYNTHETIX Price Analysis
  • SNX Market cap/ TVL ratio is 0.5966.
  • The token has shown the pattern of bullish doji stars in the last 24 hours.
  • The yearly change of coin is 115.22%. The RSI oscillator for SNX shows the SELL action.
Tradingview

The last known price of the token, SNX, is 9.70 and is low by 6.77% over the last 24 hours. It has the current trading volume(s) of 133,251,390, with a low of 29.85% over the last 24 hours. SNX has addresses of 78,264, with the active address(es) of 1614 in the last 24 hours. 

The chart above shows the movement of SNX where 200 DMA has been running below it, and even DMA-50 is below it. We see the token with respect to SMA’s, which are 20, 50, and 200, and it is SMA-20 which is above one(SMA-200) SMA and also above the other(SMA-50). We see an upward pattern where the bulls. The trend line marked shows this upwards shifting. The candles forming now have lost the support from SMA-50 and SMA-200.

The coin has moved below the major support level of $9.679, and it would be fine to buy the coin now.

It’s top 10 and 20 holders have more than 70% holdings, and the top 50 and 100 have more than 80%, which makes the strong supply side of the coin.

An RSI oscillator is also present in the chart, which shows the proper time to buy or sell the token. RSI for the last 5 hours shows the value of 42.951 and marks the sell action. MA-5, MA-10 shows the buy action, whereas MA-20 shows the sell action. Even MA-100 and MA-200 show the same sell action. However, the SNX at present is all set to buy.

The bull/bear power has the value of -0.3618 and shows the sell action. The high/low marks the neutral action with the value of 0.0000.

The SNX-BTC pair is trailing at the level of 0.0002224, and the low of 4.52% was seen, whereas the SNX-ETH pair is trailing at the level of 0.003287 and the low of 1.84% was seen in the last 24 hours. The volume/market cap of the token is 0.1197, and its market dominance is 0.06%.

Conclusion: The days range for the coin is 9.26-10.66 and presently is at 9.72. The 24 hours high and low of the coin is 10.67 and 9.33, respectively. 

We observed that the coin is sinking now, and so it is a fine time to long now. The token has formed returns of 25% on an average of the last 20 days.

Technical Instruments:

Pivot: 0.016818

R-1: 0.016844

R-2: 0.016860

S-1: 0.016792

S-2: 0.016776

Note:

  • The unit is USD
  • SMA-20: Green colour
  • SMA-50: Red colour
  • SMA-200: Blue colour