Synthetix allows everyone from around the globe to trade in derivatives. It offers a variety of tradable Defi-based assets and allows exposure to anyone. You can also earn by providing collateral to the synthetic protocol. Let us look at the technical analysis of SNX.
Past Performance of Synthetix
On September 17, 2021, SNX opened at $14.62. On September 23, 2021, SNX closed at $13.56. Thus, in the past week, the price has decreased by approximately 7%. Whereas in the last 24 hours, SNX has traded between $10.65-$12.10. Thus, indicating high volatility in the market.
SNX Technical Analysis
The important price levels are plotted on the chart. Furthermore, SNX is currently forming higher highs and higher lows on the chart. Thus, the overall market momentum seems bullish. Moreover, after Ethereum 2.0 the Defi sector is expected to see another bull run. Let us see how the day ahead for SNX looks like:
The MACD and signal lines are still in the positive zone. However, they are close to the zero range and forming a bearish crossover. Thus, the overall market momentum seems bearish. Hence, we can expect the SNX price to further fall.
Currently, the RSI indicator is at 46.89%. It has resisted from the resistance zone near the 53% mark. We have to wait and watch if buying pressures become strong enough to break the resistance level of $12.05.
Day-Ahead and Tomorrow
In short, when we look at both oscillators, we can say that the SNX price may continue to trade between a range. A breakout from this range will give us a confirmation for any trade. Till then, traders can scalp on the short side considering the RSI and MACD indicators.
Also, we cannot rule out the possibility of a trend reversal. If the price breaks out of the resistance level of $12.35, traders can take a long position with a target of $13.67.