- SNX price recently showed a pullback from the strong support mark.
- Bulls were trapped in the past sessions and soon showed aggression on charts.
Synthetix token ( SNX ) shows a breakdown violating its lower trendline, and sellers appreciated the sail. The coin then meets the strong demand zone near the round level of $2.00, a turnaround zone for SNX.
Bulls tried to maintain the token above the key EMA, but the mighty bears continued to pressure the bulls, and the price retraced from the supply zone of $2.50.Then buyers again tried to accumulate the token above its primary hurdle of $2.30 near the lower trendline, but sellers again took back the market.
This pushed the token downwards toward the demand zone. Now, buyers are trying to enter above the trendline and near the 20-day EMA.
When writing, SNX trades at $2.370 with an intraday gain of 3.36%, showing bulls bounced from the lower trajectories and attained momentum. However, the pair of SNX/BTC is at 0.000090 BTC.
Furthermore, SNX intraday trading volume also jumped by 4% to $35.17 million. Synthetix (SMX) is a DeFi project in the derivatives category. It is a decentralized platform that provides on-chain exposure to different assets.
Daily Chart Shows V shaped recovery
On the daily charts, SNX price showed a breakdown of the symmetrical triangle pattern, and post breakdown, a sharp bounce was seen, showing the token’s demand amid the aggressive selling.
Moreover, the buyers ignored the hawkish move and rescued the gains above the mark of $2.00. Furthermore, there is an intense move of pullback exactly from the Fib 38.2% level,
Moreover, the SNX price is taking a soft breath near the mid of the upper Bollinger band, and buying was noted in the token. The price action now favors bulls and indicates bullish cues on the charts.
The coin witnessed a pullback from the bottom, and accumulation was noted amid the post-breakdown of the lower neckline near $2.40. the buyers did not accept further declines amid the weak market sentiments.
What Technical Indicators Say?
On the 4-hour charts, SNX price is trying to enter inside the lower trendline of the symmetrical triangle pattern and is willing to claim the shine again.
The RSI is heading back towards the neutral marks, and a negative crossover was noted on the curve, which indicates that sellers were still in action and marked their presence.
The MACD indicator showed a bearish crossover, and the selling pressure was witnessed in the token amid the pullback. After the bounce, a strong barrier is acting, which is trying to throw the bulls toward the support mark.
Conclusion:
SNX price is now chasing the gains again and trying to shift the pace of action above the neutral marks of $2.50 in the upcoming sessions.
Technical Levels-
Resistance level- $2.00
Support level- $2.50
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.