Synthetix Network Price Analysis: SNX Token Expecting 40% Gains This Month

The Synthetix token price is increasing upwardly, around 4.3%, during the intraday trading session.
The 24-hour trading volume is at $305 million.
SNX/BTC pair is also trading positive by 3.1% at 0.00026275 BTC.

Daily technical chart and Synthetix token price trend are showing an upward trend. Based on the pivot level, the initial support level is 8.85 USD. From another perspective, if it accelerates, the resistance level to watch is 17.40 USD. Although the chart created a Doji candlestick pattern during the day, the price is expected to continue to be sideways, but the reliability is low.

Ichimoku Cloud is composed of lead-1 and lead-2, and the displacement value is 1. It operates as a pivot level and leading indicator of asset price changes. Investors can see that the price breaks through the Red Moku Cloud and now slips past the Green Moku Cloud, so the cost is above the Green Moku Cloud, ensuring the upward trend of SNX.

Trading volume (1.70 M) is lower than the 20-day moving average (2.17 M). In short, the moderate volume of transactions caused the price to struggle through the resistance zone. Investors may also notice that the volume bar on the chart is declining, which indicates that surprising volatility is expected in the next trading day.

The MACD indicator gave a (bullish) cross above the signal line on September 5, indicating a buy signal for the currency. In addition, investors can see green bars on the histogram index.

Synthetix Token Technically Seems Solid

The price of Synthetix Network token today is USD 13.74, and the 24-hour trading volume is USD 305,112,318. The price of SNX has increased by 4.3% in the past 24 hours. The circulation of SNX coins is 170 million, with a total of 233 million. The MACD indicator shows a buy sign, and the traders have led to high volume. Technically, the price resides around the resistance zones and continues in a higher trend. Accordingly, as with the overall market viewpoint, the trend remains bullish for upcoming trading sessions.

Resistance Level: $17.40

Support Level: $8.85

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Nikhil Ingole: Mr, Nikhil Ingole is a Chief Editor at The Market periodical with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.