- Synthetic Price Prediction suggests a significant rise is possible in the long run if certain conditions are met.
- SNX Price holds the 50 day EMA and is trying to break out of the 200 day EMA.
- Synthetic Crypto Price defends $2.00 and rises 10% in the current week.
Synthetix Price Prediction suggests a significant rise is possible in the long run till buyers are holding the price above the $1.500 level. SNX Price recovered 47% approx from the recent swing low and showing the initial signs of the bullish trend reversal.
SNX Price holds the 50 day EMA and is trying to break out of the 200 day EMA to showcase strength of the bulls. From the past few months, Synthetix Price is in the recovery mode and declined by forming lower low swings.
Recently, In the beginning of June, the downfall in SNX crypto halted near to the $1.500. After a little bit of consolidation, the price begins to rise upward to break the chain of lower lows.
The massive spike in the buying volume is also visible which shows some whales might have taken long positions from the lower levels. If the momentum continues then it will grab the attention of inventors and more participation of the buyers is possible.
Synthetix Price is trading at $2.402 with an intraday rise of 8.20%. The 24 hour volume to market cap is 14.02%. The pair of SNX/BTC is trading at 0.0000785 with an intraday rose of 7.00%. The price chart of Synthetix with the BTC pair is also reversing upward from the yearly lows.
Will Synthetix Price continue the recovery?
Synthetix Price performed well in the beginning of 2023 and generated a decent return. Sadly, the momentum halted near $3.400 and prices witnessed corrections. On the lower side $2.00 acted as a strong support and buyers tried best to hold it.
Sellers once tried to pull the prices further down but responsive buyers got activated and showed a sharp bounce. If the buyers are able to break out of the $3.00 hurdle then more upside will open.
However, the SNX Price will pick up momentum when buyers will break out of the previous swing high hurdle at $4.00. The technical analysis suggests SNX Price is in the recovery mode and more upward momentum is possible.
SNX Price Analysis on Weekly time frame
SNX Price formed a bullish hammer candle on the weekly time frame which indicates that the buyers are returning back to the track. If the crypto leader Bitcoin Price continues to perform well then it will positively impact the prices of the Synthetix.
The MACD curve is sloping upward and generates a positive crossover indicating bullishness and recovery is likely to continue. The RSI at 62 sloping upward denotes the strength of bulls and more room for upside is open.
Conclusion
Synthetix Price Prediction suggests a rise in the long term till it holds $1.500 support. SNX Price has recovered well and is likely to break out of the 200 day EMA in coming weeks.
The technical analysis suggests SNX crypto price is in bulls grip and possibility of continuing the recovery is high.
Technical levels
Resistance levels: $2.658 and $3.400
Support levels: $1.500 and $1.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.