Synthetix (SNX) May Have Started an Upside Retracement Following a Significant Price Drop

For six trading sessions, Synthetix price action has retraced significantly downward from around 2.2767. It appears that the bulls lost it totally, giving room for downward forces to act on prices in this market. Nevertheless, it appears that buyers are re-entering the market gradually, and this may soon change the market trend.

SNX Statistics
Synthetix Value Now: $1.8027
SNX Market Cap: $460M
Synthetix Moving Supply: 262,763,210.01
SNX Total Supply: 319,601,356.09
SNX CoinMarketCap Ranking: 75

Major Price Levels:
Top: $1.8027, $1.9000, and $1.9500
Base: $1.8000, $1.7500, and $1.700

Synthetix Buyers Start a Price Recovery Move

Synthetix prices have fallen under downward forces, which took prices to lower support levels on the daily market. However, buyers seem to be exerting some influence on price movement. The last price candlestick here is a green price candle, which signifies that some buying has commenced in this market in the ongoing session. Nevertheless, the current price of this token remains below the 9- and 21-day Moving Average (MA) lines, which suggests that downward forces are still at an advantage. Likewise, the  Moving Average Convergence Divergence (MACD) maintains that the downtrend may continue. This can be seen through the lines of this indicator as it continues to trend downward.

SNX Price Actions Is Gathering Upside Momentum

In the SNX/USD 4-hour market, it’s easy to see that buyers are gradually gaining the needed buying confidence. And by implication, this may cause a significant upside price retracement in this market. Here, it can be seen that this last price candlestick on this chart has placed the current price of SNX above the 9-day MA line. At this point, traders may anticipate a higher retracement, and more long orders may be placed. e Meanwhile, the Relative Strength Index (RSI) indicator have is indicating that upside momentum is on the rise, as the lines of this indicator keep rising towards the oversold region. Consequently, traders can expect that prices may retrace near the $1.9000 price mark shortly.

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