Synthetix (SNX) Price Prediction – July 2
The SNX/USD trade outlook is yet to surge northward in continuation of a bullish-trending attempt, as the crypto economy currently features lows along a bullish path yet to plummet. The market’s high valuation is $15.83, and the low point is $1.45 in the last fifty-two weeks. Price is trading around $2.26 at a negative 3.01%.
Synthetix (SNX) Price Statistics:
SNX price now – $2.28
SNX market cap – $262.1 million
SNX circulating supply – 114.8 million
SNX total supply – 215,3 million
Coinmarketcap ranking – #102
Resistance levels: $3, $4, $5
Support levels: $1.50, $1, $0.50
SNX/USD – Daily Chart
The daily chart shows the SNX/USD features lows along a bullish path around the trend line of the smaller SMA. The bearish channel trend lines drew southward to keep the path of the market maintained to the downside. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators have somewhat slantingly traveled southbound out of the overbought region to touch the 40 range point. There may still be room for extension of the lower-moving mode in the subsequent sessions.
Can there be a stop soon as the SNX/USD market lowers in sequences?
A stop to a declining force in the SNX/USD market may not be forthcoming soon as the crypto economy features lows along a bullish path. Price may be heading downward purposely to test the support level around $1.50 before regaining full strength to opt for the upside. A sudden breakdown at the value line may lead to a caging of the market below it and the $1 support level. But, Buyers are to be alert to join the trade when a rebound tends to occur again.
On the downside of the technical analysis, the domineering trend outlook suggests it is bearish. But, the situation doesn’t portend the possibility of getting a decent selling signal. As a result, the launching of new sell orders closely beneath the trend line of the 14-day SMA may amount to letting into a whipsawed trading situation as the price expectantly to swing back sooner than later from beneath the SMAs.
SNX/BTC Price Analysis
Comparing the trending ability of Synthetix with that of Bitcoin, the base trading tool has been in light-declining mode against its counter crypto. The cryptocurrency pair price features lows along a bullish path to the conjoined area of the SMAs. The 14-day SMA indicator has moved northward to join the 50-day SMA indicator. The Stochastic Oscillators have moved southbound to touch the range at 20. The base crypto may still possibly go debasing further for a while.
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