Synthetix Price Prediction: SNX Price defends $2.0 and jumped 12%

• Synthetix Price Prediction suggests a rise and long term outlook seems bullish.
• SNX Price jumped 12% on a single day trying to climb above the 50 day EMA.
• The Synthetix Price took a U-turn from the demand zone.

Synthetix Price Prediction suggests a rise and the long term outlook remains bullish. SNX Price defends $2.00 support and surges 12% approx on a single day. It shows responsive buyers are active on lower levels and downside seems to be limited. 

SNX Price gained momentum and tried to climb above both the EMAs to turn the positional trend in upward direction. However, the 200 day EMA is sloping sideways, denoting prices lacking direction and likely to consolidate in a wide range. 

Synthetix Price had tried multiple times to break the $3.00 hurdle but got rejected. It indicates sellers are active and dominating on the higher levels. Synthetix Price is trading at $2.375 with an intraday decline of -1.70%. The 24 hour volume to market cap ratio is 0.1346. 

From the past couple of months, SNX Price seems to be stuck in a wide range between $2.000 to $3.3700. The price fluctuation is quite volatile and volume spikes are also visible shows speculators are active. 

At the mid of April, SNX Price attempted to break the $3.00 hurdle but buyers failed to hold the higher levels. Later, the prices collapsed and reverted in downward direction. Slowly prices dropped below the 50 and 200 day EMA which invites further decline. 

Will Synthetix Price test $4.00 by the end of 2023?

The downfall in Synthetix Price halted near $2.00 and prices showed minor recovery from the lower levels. If the buyers succeed to push the price above $2.500 then short term trend reversal will be visible. 

However, the price will pick up when buyers succeed  to break out of the $3.00 and sustain on higher levels. However, if the price faces rejection from the EMAs hurdle, the bears will try to drag it down to retest $2.00. 

On the other hand if the price drops below $2.00 then we might expect the prices to decline toward the yearly lows. The technical analysis suggests, SNX price shows initial signs of bullish trend reversal but it will gain momentum only after $3.00 breakout.

Will SNX Price recover the previous losses?

SNX Price formed a bullish candle on a weekly time frame and tried to recover the previous losses. If the market leader Bitcoin and Ethereum Price recovers then it will improve market sentiment and positively impact the prices of Altcoins. 

The MACD has generated a fresh positive crossover and rise in histogram bar is also visible. It indicates bullish momentum might continue for some more time. The RSI at 52 denotes neutral territory and balance between bullish and bearish positions. 

Conclusion

Synthetix Price Prediction suggests a rise in the long term till price sustains above $2.00. SNX price is consolidating in a wide range and no signs of range break out are visible. The technical analysis suggests, SNX Price shows initial signs of bullish trend reversal and more rally is pending. 

Technical levels

Resistance levels: $3.000 and $3.371

Support levels: $2.00 and $1.400

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.