SNX Prepares a Stance Toward Swing Highs

On Jul 13, 2022

Synthetix (SNX) Price Prediction – July 12
The Synthetix market price prepares a stance toward swing highs at a lower-trading spot found around a buying wall already created in the late operations. The crypto economy trades between the last thirty days’ low and high-value lines of $1.45 and $3.59. The present trading situation is witnessing a positive percentage rate of 6.61 positives.

Synthetix (SNX) Price Statistics:
SNX price now – $2.46
SNX market cap – $280 million
SNX circulating supply – 114.8 million
SNX total supply – 215.3 million
Coinmarketcap ranking – #94

SNX/USD Market
Key Levels:
Resistance levels: $3, $3.50, $4
Support levels: $1.50, $1, $0.50

SNX/USD – Daily Chart
The SNX/USD daily chart showcases the crypto-economic price and prepares a stance toward swinging highs around the smaller SMA trend line. The 50-day SMA indicator is above the 14-day SMA indicator. The Stochastic Oscillators are in a southbound bending position across variant range points, closely pointing to the range of 20. The trading outlook, with the emerging appearance of a bullish candlestick from beneath the smaller SMA, the crypto economy stands a chance of pushing higher in the subsequent sessions.

Will the SNX/USD trade set a new formidable baseline at the $2 level?

The SNX trade prepares for a stance toward swing highs. And, it has been that the capacity of drawing down the SNX/USD market operations has been increasingly declining so that the crypto economy will be able to push from or around the $2 level for sustainable ups afterward. Therefore, long-position takers may have to keep an eye on the price reactions around the value line mentioned earlier. A sudden breakdown may amount to plummeting the stability chance of bulls around the said point.

On the downside of the technical analysis, the SNX/USD market bears may be partially getting control of the trading activities around the trend line of the 14-day SMA for a while. But, a sustainable headlong push will have to occur against the $2 level to allow sellers to get profitable-entry orders while the presumed price action is in a downward-trending force. However, investors may consider introducing part of their financial portfolio into the market during that proceeding, if not even at the moment.

SNX/BTC Price Analysis

Synthetix’s trending ability, compared with Bitcoin, is struggling to hold back positions closely above the trend lines of the SMAs. The cryptocurrency pair price prepares a stance toward swing highs after running in a correction to the area of the SMAs. The 14-day SMA indicator is slightly above the 50-day over the upper bearish trend line drawn. The Stochastic Oscillators are in the oversold region, seemingly attempting to cross back northbound. It shows the base crypto is somewhat preparing to make a comeback soon against the countering crypto.