SNX Technical Analysis: Will SNX Prices Beat The 200-day SMA?

The SNX price shows a successful post-retest reversal from $26.55, teasing a bull run to $37 if the market value exceeds the $30 resistance level.

Key Technical Points:

• The Synthetix (SNX) price action inchoates a Morning Star pattern resulting in a 12% jump overnight.
• The support trendline helps the buyers avoid a closing below the $3.5 mark.
• With a market cap of $435 million, the intraday trading volume of Synthetix has increased by 78% to reach $226 Million.

Past Performance of SNX

As predicted in our previous article, the SNX prices exceed the $3.5 resistance level resulting in a price jump to the 200-day SMA. However, the bullish failure to surpass the opposing SMA results in a retracement to retest the broken horizontal level. After a short consolidation near $3.5, the bullish support from the ascending trendline helps create a Morning Star pattern. The support trendline is in effect after the bullish reversal from the $2.20 support level accounting for a price jump of 66% in the last three weeks.

Source — Tradingview

SNX Technical Analysis

The SNX price avoids a downfall below the $3.5 support level resulting in a successful retest and increasing the uptrend possibility. Moreover, the increased bullish commitment evidenced by the spike in intraday trading volume reflects a stronger bullish side. With the bullish reversal from $3.5, the Synthetix market price challenges the 200-day SMA. Thus, increasing the bullish influence over the 50 and 100-day SMA. Due to the decreasing spread between the 50 and 100-day SMA, the possibility of a bullish crossover increases. The RSI slope maintains a diagonal trend within the nearly overbought zone, crisscrossing above the 14-day SMA. Moreover, the decreasing MACD histograms increase the bearish influence over the fast and slow lines, teasing a potential crossover. Hence the technical indicators maintain a negative point for the upcoming Synthetix price trend. In summary, SNX technical analysis shows the technical indicators opposing the bullish view of the price action analysis teasing a reversal from the opposing SMA.

Upcoming Trend

If the Synthetix prices overtake the 200-day SMA, an uptrend will most likely reach the psychological mark of $5. Conversely, a bearish reversal breaking the support trendline and $3.5 level will result in a price drop to the $2.50 mark. Resistance Levels: $4 and $4.5 Support Levels: $3.5 and $3

Source