- The SNX token’s price action forms a solid bullish engulfing candle causing more than a 20% price jump in the past 48 hours.
- With a surge in buying pressure, the coin price reinstates an uptrend.
- The SNX/BTC trades for 0.0002791 BTC, with an intraday increase of +18.10%.
According to price action, the SNX token prices are trading near the 200 and 50-days EMA. A formidable upward bearish trendline has been influencing increased selling, resulting in a stalled bull run.
The price action still projects an uptrend with the bullish engulfing candlestick formation, which has driven the price up to a 19% rebound from the support trendline.
Currently, the SNX token prices trade at $12.57. This represents a 19% rise in market cap in just 24 hours. In addition, the intraday trading volume also rose by +200%, indicating an increase in buyers.
SNX Token Price Bangs Out Of Consolidation
The demand for SNX tokens near the Solid Support trendline boosted the overall bullishness of the token market and led to a more than 20% increase in price.
Price action shows that the support levels of the SNX token are at $10.4 marks and $8.5 marks. Thus, bulls could find resistance at $15-$18 in the event that bulls reverse from one support level.
As per the super trend indicator, the crypto asset projects an uptrend in action due to the recent bullish engulfing candlestick formation in the 4-hour technical chart.
The RSI indicator (bullish) indicates a growing bullish mood as the slope rises towards the overbought territory.
The ADX represents an increase in trend momentum.
Conclusion: The SNX Token’s prices rise and may soon surpass $15 if they hold above $12. However, the short-term trend retracement might act as a retest of the bullish breakout, which may lead eventually to a bull run. Therefore, investors with bullish goals may be better advised to wait for the retest.
Support- $10.4 and $8.5
Resistance-$12 and $18