Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-04-21 08:15:04

SNX Technical Analysis: Will The Uptrend Outgrow Bullish Pattern?

A sharp V-shaped reversal in the SNX coin price creates a rounding bottom pattern with a neckline at $7.65. Will buyers surpass the limit for a bullish breakout? Key technical points: The 50 and 100-day EMA are ready for a bullish crossover. The MACD and signal lines regain bullish alignment. Finally, the 24-hour trading volume of Synthetix is $352 Million, marking a 61.58% rise. Past Performance of SNX SNX coin price failed to sustain above the 200-day EMA after facing the high supply increase near the $7.65 mark. The rejection led to a 40% within a fortnight, reaching the $4.50 support zone breaking below all the crucial EMAs. However, the buyers actively took control of the trend and brought a V-shaped reversal, regaining the 200-day EMA. Source-Tradingview SNX Technical Analysis SNX coin price surpasses the $6.50 with a 35% jump in the last three days and a jump in buying pressure reflected by the increased trading volume. Hence, the momentum-packed reversal rally will shortly reach the neckline at $7.65. The crucial daily EMAs (50, 100, and 200) maintain a bearish alignment, but the 50 and 100-day EMAs are ready for a bullish crossover. Moreover, the price sustaining above the 200-day EMA increases the chances of bullish continuation. RSI Indicator: The RSI slope surges to cross above the 14-day average line after moving sideways below the halfway line. The uptrend shows a diagonal rise as it approaches the overbought bou...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.