After breaking above the moving averages, the Synthetix price prediction moves to cross above the upper boundary of the channel.
Synthetix Prediction Statistics Data:
- Synthetix price now – $3.1
- Synthetix market cap – $736.1 million
- Synthetix circulating supply – 236.5 million
- Synthetix total supply – 249.8 million
- Synthetix Coinmarketcap ranking – #56
SNX/USD Market
Key Levels:
Resistance levels: $4.5, $5.0, $5.5
Support levels: $2.0, $1.5, $1.0
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SNX/USD is trading at $3.13 after touching the daily low of $2.95 and climbing above the 9-day moving average. However, in case the buyers were able to push the price above the resistance level of $4.0, and the daily candlestick closes above this level, the price may rally towards the upper boundary of the channel.
Synthetix (SNX) Ready to Shoot Up as Tamadoge (TAMA) Moves Bullishly
Looking at the daily chart, the 9-day moving average is still below the 21-day moving average but the Synthetix price is moving close to the resistance level of $3.5, which connotes that the buyers may gain the upper hand in the market. The technical indicator Relative Strength Index (14) is likely to cross above the 50-level with the signal line pointing up to indicate a buy signal.
However, in case buyers were able to push the price towards the upper boundary of the channel and the daily candlestick closes above this barrier, the Synthetix price may rally towards potential resistance levels of $4.5, $5.0, and $5.5 while crossing below the lower boundary of the channel may bring the coin to the supports at $2.0, $1.5, and $1.0 respectively.
Compared with Bitcoin, the coin is following a bullish surge, and it may swing high towards the upper boundary of the channel which could locate the resistance level of 2000 SAT and above. On the other hand, if the market price crosses below the lower boundary of the channel, it could reach the support level of 1100 SAT and below.
However, the technical indicator Relative Strength Index (14) is currently moving above the 50-level as the signal line points to the north to confirm the bullish movement. Meanwhile, any further bullish movement may create additional gains above the channel.
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