- Synthetix price is again moving towards the latest 52-week low of $1.64 level in an intraday session.
- The market cap of the SNX token remains well above $200 million, despite a 3.4% drop over the past 24 hours.
- ADX Indicator is showing weak bullish trend as it stands at 19 mark today.
The outlook for Synthetix tokens is extremely weak when it comes to price action. However, the SNX token has been underperforming for a long time. In April, the SNX token was inside a symmetrical triangle, but after the breakout, the bulls witnessed a scary bloodbath.
During a dramatic sell-off, the bulls witnessed a 52-week low of $1.64 mark on June 15. Meanwhile the SNX coin is trading at the $1.75 mark at the time of publication.
Buyers have lost the crucial hedge area of $2.4 which has now turned into an upcoming resistance area. On the other hand, if SNX price again breaks below its recent lows, the $1.5 mark could act as a support level.
SNX price against the USDT pair is showing a selloff on a bullish trend. Thus the market cap of the SNX token remains above $200 million despite a 3.4% drop in the last 24 hours. Furthermore, the SNX/BTC price fell by 2% to 0.00008358 satoshis.
Volatility turned lower again as the daily volume bar remained below the moving average (blue). Similarly, traders saw a 25% drop in the last 24 hours.
The bulls found resistance near the supply zone at 20 EMA. So far the 20 EMA and 50 EMA are bullish hurdles for the SNX token.
Is it the bottom of the SNX?
The daily RSI indicator has seen a sharp decline from the semi-line over the past 20 days. Now the RSI peak is at the door of the highly oversold zone.
Moreover, the ADX indicator is showing a weak bullish trend as it stands at 19 mark today.
conclusion
Synthetix token is just above its latest 52-week low. Any drop in the price of BTC could push the SNX price to another new low.