Synthetix Price Prediction: Bears Losing Grip as SNX Could Form Higher

Synthetix Price Prediction: Bears Losing Grip, Potential for Higher Movement

The Synthetix price prediction reveals that SNX could form higher as the bears may soon lose grip over the coin. Here are the key points:

Synthetix price now: $2.15
Synthetix market cap: $576.5 million
Synthetix circulating supply: 268.9 million
Synthetix total supply: 322.8 million
Synthetix Coinmarketcap ranking: #60

SNX/USD is moving to cross above the 9-day and 21-day moving averages while the $2.00 support level remains critical. However, recent bearish trading may push the coin below the lower boundary of the channel. The potential resistance levels are $2.80, $3.00, and $3.20.

The Synthetix price may continue to rise and could trade near the upper boundary of the channel if the bulls touch the resistance level of $2.20. Any further bullish movement could reach potential resistance levels at $2.80, $3.00, and $3.20. The technical indicator Relative Strength Index (14) is likely to cross above the 40 level, pushing the coin in a positive direction.

Against Bitcoin, SNX is attempting to cross above the 9-day and 21-day moving averages, with a major resistance level at 900 SAT. The long-term moving averages may keep the bullish movement as the market starts a new trend. Higher resistance could be located at 1000 SAT and above if the buyers push the price up. On the other hand, if the bulls fail to move the current market value above the moving averages, the bears may step back in, with critical support at 600 SAT and below.

The Synthetix price is facing the upside as it hits the resistance level of $2.25. A daily close above the 21-day moving average may push the price to $2.50. Traders should note that a consistent price increase may bring in more buyers as bulls increase their positions. The token is now in its final stage, offering a last chance to buy before the expiration of its final presale stage.

Hot Take

The Synthetix price prediction suggests potential for higher movement as the bears lose grip. With bullish indicators and resistance levels to watch, SNX could see an upward trend. However, traders should also be mindful of potential bearish movements and support levels. The final presale stage presents an opportunity for buyers to invest in the token’s rising popularity.