Synthetix Trades at an All-Time Low

The Synthetix token clinched some gains today, ranking as the second-highest gainer on today’s crypto daily movers list with a price increase of 6.32%. Nevertheless, a closer look at the market’s price movement may be quite useful for spotting a potential trend shift.

SNX Statistics:

Current Price: $1.100

Market Capitalization: $379.98M

Circulating Supply: 339.46M

Total Supply: 339.88M

CoinMarketCap Rank: 145

Key Price Levels:

Resistance: $1.500, $2.000, $2.500

Support: $1.000, $0.700, $0.400

Synthetix Upside Rebound Looks Too Minimal

Despite recording some gains, the SNX daily chart shows that price activity is overwhelmed and may be under pressure to fall further. Currently, the price is trading below all the Moving Average (MA) lines. Additionally, the most recent price candle is quite small and appears compressed, suggesting that price action is stalled at its all-time low.

The Stochastic Relative Strength Index (RSI) has reached the oversold region, and its lead line seems to have started dragging sideways. These technical signals indicate that downward forces dominate, potentially inviting more price declines in upcoming sessions.

SNX Hugs the All-Time Base Level

In the Synthetix 4-hour market, price action is hovering around the $1.100 mark. The previous session displayed only minimal upward movement, keeping the price near $1.100. In this timeframe, price activity remains consistent with its position below all MA lines, as observed on the daily chart.

Moreover, the latest price candle appears red, suggesting that downward forces are in control. Although the Stochastic RSI line shows an upward trajectory at the moment, the upside momentum is at risk of falling toward the $1.00 level and below.

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