Synthetix (SNX) Trades Below a Multi-Month Support

The Synthetix (SNX) token has recorded a 5.26% price increase over the last 24 hours. As of the time of writing, SNX has secured the second spot on the daily crypto movers list. However, despite this positive movement, price action remains below a critical multi-month support level. Let’s take a closer look at the market below.

SNX Statistics:

Current Price: $0.989

Market Capitalization: $337.5MC

irculating Supply: 339.46M

Total Supply: 339.88M

CoinMarketCap Rank: #151

Key Price Levels:

Resistance: $1.000, $1.500, $2.000

Support: $0.9500, $0.8000, $0.7000

Synthetix Market Shows Signs of Weakness

As mentioned earlier, SNX price action on the daily chart has dropped below a long-standing support level. Additionally, market activity suggests that trading participation is low, as recent price candles appear small, indicating low volatility. This lack of momentum could impede potential upside retracements.

Moreover, price action remains below all the Moving Average (MA) lines, reinforcing a bearish outlook. The ongoing session has formed a dashed green price candle, signaling uncertainty in the market direction. Meanwhile, the Stochastic Relative Strength Index (RSI) lines are steadily rising into the overbought region, suggesting that SNX lacks strong buying traction and may struggle to reclaim its previous support level soon.

SNX Hovers Around Key Technical Levels

Although price action on the daily chart appears mostly flat, the 4-hour chart shows SNX hovering around critical technical levels. Price has been closely following the 20-day and 50-day MA curves, but the ongoing session has placed SNX below all MA lines, further confirming bearish sentiment.

At the same time, the Stochastic RSI lines are at a crossover, indicating a potential short-term rebound. However, bearish momentum remains strong, and as a result, the market may soon test the $0.9000 support level.

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