- Synthetix (SNX) has an Open Interest of $25.8 Million.
- The SNX coins technical indicator summary gives a neutral signal.
- The RSI line for the SNX coin is moving near 50 regions.
Synthetix is developing a decentralized liquidity provisioning protocol, accessible to a wide range of protocols. It offers substantial liquidity and cost-effectiveness, supporting numerous exciting protocols on both the Optimism and Ethereum platforms.
The Synthetix (SNX) coin is currently moving sideways without a clear trend. The token’s price has been trading within a defined range for the past year.
The SNX coin is currently trading at $1.95, showing a minimal 0.7% increase in today’s market session. The coin has an average trading volume of 1.481K, as reported by TradingView, and a total circulating supply of 71 million coins.
The Open Interest in Synthetix stands at $25.8 million, which saw a marginal 0.36% decrease today. It suggests a lack of significant momentum in the market.
The Synthetix (SNX) coin price reached its all-time high of $28.77 back in February 2021, nearly three years ago. Since then, the SNX token price has undergone a significant decline, exceeding 93%. However, it found support at the $1.4 level, leading to a price rebound.
Presently, the token price is trading within a parallel channel pattern, having moved within this range for the past year. The overall market sentiment is leaning toward a neutral direction, with an expectation of continued consolidation within this range. Any breakout could lead to a change in the prevailing trend.
The technical indicator summary for the SNX coin provides a mixed signal. Out of the top 26 indicators, 9 indicate a bearish sentiment and 7 recommend a bullish outlook. This mixture of signals reflects the current uncertainty in the SNX market.
Synthetix (SNX) Coin Price Prediction
Technical Indicators
The Synthetix coin’s MACD line is currently closely aligned with the signal line, with both lines hovering near the zero line. This convergence creates a state of uncertainty, making it challenging to discern the coin’s current momentum.
Additionally, both the RSI and Signal lines are situated in the vicinity of the 50 regions. This area is typically regarded as a neutral zone, indicating that the coin’s price is currently exhibiting mixed signals.
Conclusion
As per the analysis, the price of Synthetix coin (SNX) is currently moving inside a range and showing a sideways momentum. The indicators are also giving a neutral signal and the OI is showing the same. Hence, the price is likely to consolidate for a while and further in any direction will confirm the trend.
Technical Levels
- Support Level: $1.39
- Resistance Level: $3.47
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.