- SNX price analysis is bullish for today.
- The current position of the current is below the $11.4 resistance level.
- The nearest support is present at $10.6 and another at $10.4, which haven’t been broken.
- It is expected that the price action will try to break the resistance and move upwards.
SNX price analysis is bullish for today, and we can expect higher prices after the huge fall that was experienced on $7th September, wherein Bitcoin plunged over 19 percent in just a few minutes.
For today, we have SNX being one of the best performers despite Bitcoin’s unclear stance and the confusion surrounding the market. Bitcoin’s fall brought SNX down from a whopping $14.2 to nearly $9. This was a huge drop in the price, which no one expected.
For now, the price of one SNX coin is around $11.4, with a trading volume down by around 55.18 percent as compared to yesterday’s volume. On the other hand, the coin’s market cap has surged by over 7.57 percent compared to the market cap the day before. This makes SNX price analysis quite important as SNX is trading at a critical point.
If you are looking for Synthetix price analysis for the long term as well, you can go through our Price Predictions page, wherein you will find the long-term predictions for almost every cryptocurrency worth investing out there. For the short term, we can expect SNX price analysis to be bullish if the supports are maintained, and price action breaches the resistance.
SNX price analysis: The indicators are bearish on the 4-hour chart
The SNX price analysis for today on the 4-hour chart is bearish, considering the readings from important technical indicators. These indicators include the key Moving Averages, i.e., the 50-day and the 100-day Moving Averages.
The current price movement is below these important Averages, and if these Averages are reclaimed, we might experience a bullish price action on the 4-hour chart.
Considering the Bollinger Bands, which give a glimpse at the possible future price movement on the 4-hour chart, the price action is situated in the lower end of the Bands indicating a bearish price action. This shows that the bears are currently defeating the bulls and that lower prices might follow. The price broke out from the lower end of the Bollinger Bands on 8th September, but it is expected that bulls will regain strength gradually.
In the 4-hour chart below, there are two significant readings from RSI or Relative Strength Indicator and the MACD indicator, which we will incorporate in our SNX price analysis.
The Relative Strength Indicator for the SNX/USDT pair shows a value of 48, clearly visible from the chart below, which means that the selling pressure is slightly greater than the buying pressure. We can expect an upwards price movement as the RSI gradient is positive, and therefore, this could be a good buying opportunity for investors.
Another important observation comes from the MACD indicator, which is experiencing a bullish crossover at the time of writing. This means that the orange line or the signal line has crossed above the blue line or the MACD line. Therefore, it is possible for the price action to turn bullish and try to breach the resistance present at $11.4.
SNX price analysis: Conclusion
The conclusion for SNX price analysis is bullish if the bulls take over from hereon and the resistance is broken at the $11.4 level. In case the price of SNX falls, we can expect the support at $10.6 to hold. This will prove that the price action has turned bullish and, therefore, will move upwards to breach the next resistance present at $12.5.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.