Synthetix (SNX) is moving in a bearish-to-bullish trajectory, as BTC has started upward movement. The SNX price has surged by 5.75% over the last 24 hours, but over the last week it has shown signs of stability.
According to CoinMarketCap, SNX is currently trading at $0.3177, supported by a trading volume of $16.86 million, which climbed by 38.37% over the last 24 hours. Furthermore, its market capitalization stands at $109.47 million, which has also surged by 5.75%.
Also Read: Synthetix Price Prediction: SNX Eyes $5.80 After Explosive 85% Daily Surge
SNX Token Approaches Crucial Trendline Level
Synthetix’s SNX token is testing an important technical level as it faces off against a significant trendline on the 1-hour chart. According to the crypto analyst Clifton Fx, the token is slowly but surely being propelled towards this level by sustained buying pressure.
The token may experience an important shift in market sentiment if it manages to break past this level with the help of a strong momentum candle and rising trading volume.
However, if the price of SNX continues moving upwards beyond the trendline with significant bullish strength, the expectation is for the price to rise by around 35-40%.
This may propel the price of the asset towards the $0.44 zone, where the price is likely to be in line with the resistance.
SNX Technicals Suggest a Short-Term Reversal
As per TradingView, the price of SNX has started to move upwards after establishing a local bottom at the price level of $0.3000 on the chart on March 8.
The price is moving upwards, reaching the price level of $0.3160, after establishing higher lows in the form of a stair-step pattern. The large upper wicks on the candles indicate the presence of selling pressure at the price level of $0.3200.
The MACD indicator and Bull Bear Power indicator confirm the near-term momentum, as the MACD indicator has shown a bullish crossover with green histogram bars.
However, these indicators are still close to the zero line, suggesting that the current trend is not being sustained by conviction. Traders need to pay close attention to these levels, as the market is in a wait-and-see mode.
Also Read: Synthetix (SNX) Retests Support: Path to $7.40 Possible?
