This website uses cookies to ensure you get the best experience on our website

Technical Analysis for SNXUSD for 12th April 2023

Synthetix in a Wedge, Will SNX Breakout Above $3.4?

Past Performance of SNX

From a top-down preview, Synthetix prices remain bearish. It is, albeit attempts for higher highs in the past few days. For content, SNX is down 91% from 2021 peaks. Moreover, the medium-term resistance level is down 40% from the August 2022 highs. Per the current formation, they remain inside a wedge. Bears are diffusing attempts for buyers to gather momentum and rip higher.

Synthetix Technical Analysis

After months of lower lows, SNX prices found their bottoms in December 2022. It has since recovered, adding 85% in three months. With buying pressure still evident, traders might look to buy on every attempt lower. Already, this preview is supported because prices are still capped inside the bull bars of March 12 and 13. Since bears have failed to break below $2.3 and $2.1, buyers are still in control. Accordingly, every dip above these support levels and March 12 low might be an opportunity to double down. However, clearer entries might be above $2.8 or even March 2023 highs at $3.4. Losses below $2.1, on the other hand, will cancel out this outlook.

What to Expect from SNX

The crypto market might be recovering at spot rates. However, from the candlestick arrangement, SNX prices are within a wedge, and the token is under pressure below $2.8 and $3.4. For trend continuation, conservative traders can wait for a clean break above March highs before riding the uptrend.

Resistance level to watch: $2.8

Support level to watch: $2.3

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020