Synthetix (SNX) Enters a Volatility Storm

It is quite easy to see that the Synthetix market seems a bit volatile. This has caused the market to move in an unsteady manner. However, the market has rebounded since the previous session, while today’s trading has started out on a similar path. However, some indications suggest that the market is already facing rejection at this point.

SNX Statistics:
Current Synthetix Value: $4.059
Synthetix Market Cap: $1,322,189,248
SNX Circulating Supply: 327,769,196
Synthetix Total Supply: 328,193,104
SNX CoinMarketCap Rank: 77

Key Price Levels:
Resistance: $4.059, $4.500, and $5.000
Support: $4.000, $3.500, and $3.000

Synthetix Market Seems Quite Intriguing

Price activities in the SNX daily market rebounded off a support level of 50 on the Fibonacci Retracement tool. The ongoing session maintains some bullishness but seems to have started showing signs of rejection through the appearance of an upper shadow on it.

The Guppy Multiple Moving Average (GMMA) curves continue to cross each other, while the ongoing session appears caught in between the indicator lines; this somehow colors the hope of a continued upward advancement. However, the Stochastic Relative Strength Index (SRSI) lines keep trending upward following a crossover in the oversold region. Consequently, this underpins the opinion of traders who may still want to enter the market using bullish crypto signals.

SNX Downward Rejection May Strengthen

It could be seen more clearly that price action in the Synthetix 4-hour market has faced rejection through the last price candle on this chart. Yet it should be noted that a good number of the GMMA lines are still crossing each other below the price candle corresponding to the ongoing session.

Meanwhile, the SRSI indicator lines are now approaching a crossover. A crossover on the SRSI indicator will signal a clear trend reversal. This will supply more momentum to downward forces. Nevertheless, since the crossover is still on the way, traders can hope that the upside forces retain control of price movement towards the $4.500 mark.

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