Synthetix Evaluation: SNX Surrenders Weekly Progress as MACD Crosses Paths
Synthetix is currently experiencing a decline of over 5% as of now. However, there is a slight recovery from its dip to a low of $2.63. At the moment, it is trading at $2.67 and showing some signs of potential increases.
It is important to note that during its recent drop in value, Synthetix lost a key support at the $2.80 barrier. While not particularly strong, this level ensured that prices remained close to $3. Many upward trends usually start from this price level, so losing it makes the $2.60 support vulnerable.
SNX started the day with a slightly bullish trend, as shown by two green candles on the 2-hour chart after midnight. However, at 06:00 am UTC, it made its first attempt at $2.80. By noon, the barrier broke, leading to a downward trend until it reached its low point and rebounded.
Looking at the 2-hour chart, there are several indications of further downtrends for Synthetix. One of them is the Moving Average Convergence Divergence, which showed a bearish divergence during the highlighted mark flip.
The Relative Strength Index is another bearish indicator, as it is currently trending at 30. This suggests that the asset is nearing oversold territory. On the daily chart, the most recent reading placed it at 53.
The MACD also displays a bearish divergence, indicating the possibility of more price decreases.
Based on previous price movements, Synthetix may experience significant losses in the next 24 hours. During this period, it is crucial to pay attention to the $2.60 support level.
In the past two weeks, Synthetix has tested this critical barrier without much success. When it has broken, the asset has managed to end the day above this level. However, if it fails to hold, SNX could potentially drop as low as $2.40. The extent of selling pressure in the coming hours will determine the altcoin’s reaction.
Tags: Altcoins, Analysis, Cryptocurrencies
