SNX Price Analysis: Is SNX Price Preparing for a Bullish Rally?

• SNX price is currently trading at $2.581 while recording a fall of 16% in 24-hour trading volume.
• SNX price observed a decline of 2.42% in the last 24 hours.

After being under bearish influence for a few months, the buyers finally stepped into the market. SNX price took support from an important EMA line where it also produced a bullish crossover. The oscillators are moving toward the overbought level. The overall price action might be in the initial stages of a bullish trend – because of the higher-highs and higher-lows.

SNX price after making a bullish rally, took resistance at $4.200 and made a sharp 38% downturn. Followed by a small consolidation, the price continued on its bear trend. Overall SNX price fell 65 percent post which the price took support from its previous support level of around $1.422 and made a break-out with a 63 percent rise. Since then, the price is in an ascending consolidation pattern.

SNX Price Taking Support From the 200 EMA on the 1-day Chart

Source: SNX/USDT by TradingView

Technical Analysis (1-Day Timeframe )

Source: SNX/USDT by TradingView

SNX price is trading above the 200 day EMA changing its trend in favour of the bulls. The 100-day EMA crossed above the 200-day EMA which is an extremely bullish golden crossover. The price is at present taking support from the 100-day EMA where the 200-day EMA is trading just below it, providing strong support to the price.

The RSI line recently crossed the 14 SMA. It might also cross the median line providing a bullish crossover. The RSI value is 49.38. The stochastic line took a reversal from the oversold levels and crossed above the median line.

Technical levels –

Support -$2.231

Resistance – $3.400

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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