SNX price analysis is bullish for today and we can expect higher prices after the big drop on September 7th when Bitcoin fell over 19% in just a few minutes.
Currently, despite Bitcoin’s unclear positioning and market confusion, SNX is one of the best performers. Bitcoin’s drop brought SNX down from $14.2 to nearly $9. It was a huge price drop that no one expected.
So far, the price of the SNX coin is around $11.4, and trading volume is down about 55.18 percent from yesterday’s volume. On the other hand, the market cap of the coin increased by more than 7.57% compared to the market cap of the previous day. This makes SNX price analysis very important because SNX acts at a critical point.
If you are looking for a long term analysis of Synthetix prices, you can look for our Price Predictions page, which has long term projections for almost every cryptocurrency worth investing in there. In the short term, we can expect SNX price analysis to be bullish if support is maintained and price action hurts resistance.
SNX price analysis: Indicators on the 4-hour chart are falling
SNX price analysis for the 4 hours chart is declining today in light of the readings of the key technical indicators. These indicators include the main moving averages, ie. 50-day and 100-day moving averages.
The current price action is below these important averages and when these averages are restored, we can see the effect of the price going up on the 4-hour chart.
Given the Bollinger Bands, which provide an idea of the possible future price movements on the 4-hour chart, the price action is at the bottom of the bands, indicating bearish price action. This indicates that the bears are currently beating the bulls and lower prices could follow. The price exploded from the lower end of the Bollinger Bands on September 8, but the bulls are expected to gradually regain their strength.
In the 4 hours chart below there are two significant readings of the RSI or relative strength indicator and the MACD indicator which we will include in our SNX price analysis.
The relative strength indicator for the pair SNX/USDT shows a value of 48, clearly visible in the chart below, which means that the selling pressure is slightly higher than the buying pressure. We can expect an upward movement as the RSI gradient is positive so this can be a good buy option 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 signal line has crossed the blue line or MACD line. Therefore, there is a possibility that the price action will turn bullish and try to break the resistance at USD 11.4.
SNX price analysis: conclusion
The bottom line for SNX price analysis is bullish if the bulls take over and the resistance breaks at $11.4. If the price of SNX drops, we can expect support for $10.6 to remain. This would prove that the price action has intensified and is therefore moving upwards to break the next available resistance at USD 12.5.