Synthetix (SNX) Price Prediction: Bulls May Gain Control as Bearish Grip Weakens
The Synthetix price is expected to potentially rise as the bears begin to lose control of the coin. Currently, the Synthetix price is at $3.31 with a market cap of $977.1 million and a circulating supply of 291.6 million. The total supply of Synthetix is 327.5 million, and it is ranked #53 on CoinMarketCap.
SNX/USD Market Analysis
Key Levels:
Resistance levels: $4.0, $4.2, $4.4
Support levels: $2.7, $2.5, $2.3
SNX/USD is currently trading above the 9-day and 21-day moving averages, and the $3.2 support level has held for some time. The coin has been trading within the moving averages, indicating a potential breakthrough above the upper boundary of the channel.
Synthetix Price Prediction: Synthetix (SNX) May Move Higher
If the bulls can maintain the $3.5 level, the Synthetix price may continue to rise and potentially break above the upper boundary of the channel. In this case, the resistance levels to watch out for are $4.0, $4.2, and $4.4. However, if the bears break below the 21-day moving average, it may invalidate the bullish movement within the channel.
Should the bears increase their pressure, the support levels at $2.7, $2.5, and $2.3 could be tested. The current position of the 9-day moving average above the 21-day moving average suggests a positive direction for the coin.
SNX/BTC Rangebound Trading
Against Bitcoin, the Synthetix price is attempting to cross above the 9-day moving average at 882 SAT. If successful, the long-term moving averages may drive the coin upward and initiate a new trend by breaking above the channel.
However, if the buyers fail to push the price above the mentioned barrier, the bears may regain control and the critical support level at 700 SAT could come into play.
Alternatives to Synthetix
The Synthetix price is expected to rise, potentially trading near the upper boundary of the channel if the bulls regain momentum. However, a widespread market retracement could bring the coin closer to the lower boundary of the channel.
While Synthetix is an established player with a market capitalization of $978 million, Bitcoin Minetrix presents an alternative with promising potential for rapid price growth. Bitcoin Minetrix has already raised an impressive $4.5 million in its ongoing presale.
Hot Take: Synthetix (SNX) Bulls Poised for a Comeback as Bearish Grip Weakens
The Synthetix price prediction indicates that the bears are losing their control over the coin, paving the way for potential bullish movement. The resistance levels to monitor are $4.0, $4.2, and $4.4, while support levels lie at $2.7, $2.5, and $2.3. The Synthetix price may also face challenges if a broader market retracement occurs, bringing it close to the lower boundary of the trading channel.
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.