There have been operations lowering the highs and lows in the SNX/USD market for a long time. The SNX price is in a side trading pattern, showing the rate of the market percentage at 6.10 positives.
Synthetix (SNX) Price statistics:
SNX Price Now – $2.55
SNX Market Cap – $348.8 million
SNX circulating supply – 19.1 trillion 114,841,533
Total SNX supply – 18.9 trillion 215,258,834 SNX
Coinmarketcap Ranking – #106
SNX/USD Market
Key levels:
Resistance levels: $4, $5, $6
Support Levels: $2.50, $2, $1.50
The daily chart shows that the SNX market operation is in a side trading pattern relative to the valuation of the US dollar. The 14-day SMA indicator is higher than the 50-day SMA indicator. The trend line of the upper bearish channel approached the smaller SMA. The 50-day SMA trend line is above the 14-day SMA trend line. Stochastic oscillators have moved northward against gamma lines for now moving in a style of consolidation around the range of 80, covering some spaces in the overbought region near it.
Will the SNX/USD trade move firmly to earn more points?
It is not evident that buyers in the SNX/USD market will soon intensify their efforts to make profits from the smaller SMA trend line. Meanwhile, there may be low activity upward movements. And this could lead to finding resistance around the SMA at 14 days to mean the end of getting more increases of any length. Long-position takers had to wait for a correction to emerge with the help of stochastic oscillator reading that tends to suggest a downward trend situation before considering buyback in the crypto economy.
On the downside of technical analysis, the SNX/USD trading outlook soon seems to come across a resilient trading condition around SMA. A sudden spike against the 14-day SMA indicator must encounter resistance around the SMA indicator above 50 days to allow the bears the predominance priority to resume their downward trend movement of cryptocurrency trading. A pull-up must emerge at a higher point to be rejected immediately to allow the bears the opportunity to detect a decent sell order.
SNX/BTC Price Analysis
Comparing the trending power of Synthetix with that of Bitcoin, the price analysis chart reveals that the basic trading tool has devalued compared to the counter trading tool. The price of the cryptocurrency pair is in a side trading pattern below the trend line of the smaller SMA. The 50-day SMA indicator is higher than the 14-day SMA indicator. Stochastic oscillators zigzaged north against the gamma lines of the variants to denote that the effort of the basic cryptocurrency to push for recovery was not fruitful as the smaller candles form almost in a row to the east. This shows that the descending force from the end of the crypto counter may not stop anytime soon.