Synthetix (SNX) Technical Analysis: SNX to Face Another Rejection, Has the Bearish Trend Ignited?

Key Takeaways

• The SNX price closed the previous day’s trade at INR 393.21 with a market capitalization of INR 55.49 Cr and a circulating supply of 11,48,41,533.01 SNX
• The price appears to have halted the current descending trend but eventually may continue to reach the lower support at the earliest

Synthetix (SNX) Technical – Analysis for Today: 13 April 2022

The SNX price underwent a notable uptrend throughout the previous day’s trade and appears a little exhausted at the moment. Yet the price is pretty poised to continue ranging high and hence hovers around the crucial resistance levels. No doubt the buying volume has depleted drastically, but the selling volume remains distinct. And hence the price may continue to consolidate above the resistance at INR 379.40 until the day’s close. 

Synthetix (SNX) Technical Analysis at a Glance

The Synthetix price for a pretty long time has been trending within a significant descending trend. And despite a flip to ignite a rebound, the asset could eventually follow a notable descending trend to reach the lower support. Therefore, the probability of the asset hitting the levels beneath INR 228.56 arises which may further ignite a strong uptrend soon.

Technical Indicators & Pivot Levels

Technical Indicators

Pivot Levels

Oscillators

The bears appear to have capitulated the SNX price as the asset is extremely bearish in all the time frames. The RSI is depleting hard, while a notable selling volume has been accumulated indicating the continuation of a descending trend. While the strength of the asset is draining, the volatility of the asset also has reduced drastically. 

On the other hand, the current price just got rejected from the immediate resistance but still, a chance of a retest is high. And hence these levels could be tested and cleared in the upcoming days. However, the long-term forecast is notably bearish which may fuel the beamish trend with a minor flip towards the south from the current levels.

Additional Read: SNX Price Prediction.

SNX/USDT Technical-Analysis for Short-Term

Source: Tradingview

• The SNX price maintained a consolidated trend for quite a long time before it spiked high beyond INR 600
• However, after reaching the monthly highs, the price depleted drastically towards the same support levels and began consolidating hard
• Currently, the price is attempting hard to break through the descending parallel channel and also testing the crucial levels, that act as both resistance and support accordingly
• Yet the volume appears to have depleted to a large extent and hence no specific surge may be expected in the short term

SNX/USDT Technical Analysis for Long-Term

Source: Tradingview

• The SNX price since the beginning is swinging within a symmetrical triangle which was about to slice through the lower support
• The recent flip temporarily halted the descending trend and due to which the possibility of slicing through the upper resistance emerged
• Yet the price is expected to consolidate within the triangle for some more time until it reaches the apex and further ignites a strong uptrend
• The uptrend may elevate the price towards INR 800 initially, further which, the rally could hit a 4-digit figure soon

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