Synthetix Price Prediction: Bullish Movement Expected if Resistance Level is Crossed
The price prediction for Synthetix (SNX) suggests that the coin will likely experience a bullish movement if it manages to cross above the current channel. At present, the Synthetix price is $2.08, and in order to touch the resistance level of $2.10, it needs to surpass the 9-day and 21-day moving averages.
SNX/USD Market Analysis
Resistance levels: $2.50, $2.60, $2.70
Support levels: $1.70, $1.60, $1.50
According to the daily chart analysis, SNX/USD could potentially reach the resistance level of $2.10 with its next positive move. If the price manages to break above this level, it may attract more buyers and lead to further resistance levels at $2.50, $2.60, and $2.70. However, if the price falls towards the lower boundary of the channel, a sell-off could occur with a focus on the support level of $1.90.
Synthetix Price Prediction: Upward Movement Expected
The Synthetix price is showing signs of an upward movement. If it breaks above the upper boundary of the channel, it is likely to attract more buyers and increase their entries. This could result in resistance levels at $2.50, $2.60, and $2.70. On the downside, if the price breaks below the lower boundary of the channel, selling pressure may increase with a focus on the support level of $1.90.
Furthermore, if the price drops below the $1.90 support level, the downside pressure may continue and critical support levels could be found at $1.70, $1.60, and $1.50. The Relative Strength Index (RSI) indicator is currently moving towards crossing above the 50-level, indicating bullish signals.
SNX/BTC Analysis
Against Bitcoin, the Synthetix price is currently below the 9-day and 21-day moving averages. However, a daily close above the resistance level of 800 SAT could encourage a bullish rally towards 900 SAT and beyond. Conversely, if the price moves towards the lower boundary of the channel, it could reverse the direction to reach the daily support at 700 SAT.
In case of further bearish movement, the coin may drop to the support level of 670 SAT and below. The technical indicator RSI (14) suggests that SNX/USD may continue its bullish trend as it faces north with a potential cross above the 50-level.
Synthetix Alternatives
Looking at the daily chart, if the Synthetix price surpasses both the 9-day and 21-day moving averages, it is likely to break above the upper boundary of the channel. This would confirm the presence of bulls in the market. Moreover, SNX is currently in its final stage with its token sale raising over $25 million in presale. The token is gaining popularity in the crypto domain, attracting more buyers to invest before its final presale stage ends.
Hot Take: Synthetix (SNX) Poised for Bullish Movement as Resistance Level Awaits
The Synthetix price prediction indicates that SNX has potential for an upward movement if it manages to break above the resistance level. With resistance levels at $2.50, $2.60, and $2.70, the coin could attract more buyers and experience a bullish trend. However, if the price falls towards the lower boundary of the channel, selling pressure may increase with a focus on the support level of $1.90. Overall, SNX is in its final stage and has been performing well in terms of token sale, raising over $25 million. This presents an opportunity for investors to consider buying before the presale ends.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.