Pearl
Pudgy Penguins
NEAR Protocol
Quack AI
Canton
Starknet
Derive
- The Synthetic token has been consolidating near the demand zone after breaking down from its 50-day moving average.
- The SNX Token saw an 8.6% increase in its market cap in an intraday trading session.
- The SNX/BTC pair is favoring buyers by 8% up at 0.00009982 Satoshis.
The Synthetic token has been underperforming over the past several days after marking an all-time high at $28.98. Since February 14, the cryptocurrency has lost about 86% of its cost to its recent low of 2022. Investors saw a sharp selloff at the start of the year 2022, which resulted in the SNX token being noted as the year’s low at $3.321.
Panic-sellers have been dominating the token since mid-September and are resorting to a sloping trend (blue). Investors have to break this descending trend line and they have a good chance to push the price higher. At the time of writing, the SNX token price is trading at $3.850, with a 6.4% recovery in the intraday session. However, the coin saw a 25% increase in trading volume over the past 24 hours. Although the token price is trading in a smaller range, volatility still exists in crypto. Furthermore, the volume to market capitalization ratio is 0.1578.
Investors are looking for opportunities to grow their portfolios in the Near Demand Zone (Greenbox). SNX token price has retested the important support level of $3.5 several times; It now remains to be seen whether the bulls succeed on the bullish recovery. Besides, the bulls are likely to face some selling pressure near $4.30.
In terms of the daily price chart, the SNX token is trading below the 50-MA line (red) along with the red zone (20-day moving average) of price volatility. Nevertheless, the SNX/BTC pair is up 8% for buyers at 0.00009982 Satoshis, and the crypto price in relation to the Ethereum pair is trading at 0.001523 ETH.
How likely is it that bulls will be able to reverse the downward trend?
The synthetic token will continue to appear bearish below the $4.100-mark. In terms of daily price graph, the stock RSI shows high-low formation, long term holders can claim this signal as a buying opportunity; On the other hand, the daily Stoch RSI is trading sideways, just above the 50-mark.
The Average Directional Index is rising gradually, which is now at the 24-point mark, indicating bullish momentum for the SNX token.
Conclusion
SNX investors will need to push the crypto price above the previous swing high ($4.0-mark) for a trend reversal. And if they fail to take this effort, the price of the token could drop below the demand zone.
Resistance level- $3.5 and $2.5
Support level- $4.5 and $6.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
