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Synthetix appeared in the second spot on the daily crypto movers list today after its price action surged by more than 8%. But as impressive as this may seem, the token’s market chart reveals that downward forces are already acting on its price action. What can traders anticipate in this market?
SNX Statistics:
Synthetix Value Now: $2.194
SNX Market Cap: $589,233,601
SNX Circulating Supply: 269,650,264
Synthetix Total Supply: 323,506,696
SNX CoinMarketCap Ranking: 56
Major Price Levels:
Top: $2.194, $2.250, and $2.350
Base: $2.150, $2.100, and $2.050
Synthetix (SNX) Price Action Gets Pushed Back by Headwinds
Despite the significant price surge experienced in the SNXUSDT market today, it could be seen that headwinds are still exerting downward pressure on price movements. Nevertheless, at this point, the token still trades above the 9- and 21-day Smooth Moving Average SMA curves. Also, the applied Relative Strength Index (RSI) indicator maintains its steep upside bearing towards the 80 level of the indicator. This still maintains the opinion that bullish momentum is still of considerable strength in this market.
SNXUSDT Buyers Maintain a Cautious Stance Between the $2.120 and $2.300 Price Mark
The Synthetix 4-hour market is revealing that headwinds are strong in regions below the $2.300 price mark. As a result, this constitutes a strong barrier to further upside corrections in this market. Also, recent price action reveals that a minor downward correction has resulted.
Nevertheless, it could be seen that price activities are still occurring above the SMA curves, and the price candle for the ongoing session points out that buyers may be preparing to take the market upwards. Although the Moving Average Convergence Divergence (MACD) curves are still above the equilibrium level, the bars of the indicator reveal that the bulls may be growing weaker. However, traders can still hope for the upside correction to extend towards the $2.350 mark.
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