SNX/USD Could Hit $3.0 Resistance

The Synthetix price prediction shows that SNX begins with a steady increase above the $2.5 resistance as it is currently rising and might rally further.

Synthetix Prediction Statistics Data:

• Synthetix price now – $2.61
• Synthetix market cap – $661.8 million
• Synthetix circulating supply – 249.6 million
• Synthetix total supply – 313 million
• Synthetix Coinmarketcap ranking – #69

SNX/USD Market

Key levels:

Resistance Levels: $3.5, $3.7, $3.9

Support Levels: $1.7, $1.5, $1.3

SNX/USD looks green today as the price hovers above the resistance level of $2.5. A daily close above the upper boundary of the channel may increase the Synthetix price to the resistance level of $3.0. However, traders should note that a consistent price increase may bring more buyers into the market as bulls increase their positions.

Synthetix Price Prediction: Synthetix Price May Begin to Move Higher

According to the daily chart, if the Synthetix price stays above the 9-day and 21-day moving averages, it is likely to break above the upper boundary of the channel. On that note, the daily chart also reveals that if the 9-day moving average remains above the 21-day moving average, which confirms the presence of the bulls in the market.

Meanwhile, if the bulls failed to push the coin to the upside, the bears may take advantage and bring the market price toward the lower boundary of the channel. However, the technical indicator Relative Strength Index (14) crosses above the 60-level. If the Synthetix price rises and stays above the channel, touching the resistance level of $3.0 could locate the potential resistance levels at $3.5, $3.7, and $3.9 but sliding below the lower boundary of the channel could bring the price to the supports at $1.7, $1.5, and $1.3.

When compares with Bitcoin, the Synthetix price is hovering above the 9-day and 21-day moving averages as the intraday trading is bullish. The coin may cross above the upper boundary of the channel, which could hit the resistance level at 1300 SAT and above.

On the contrary, if the sellers bring the market to the south, traders can expect a bearish drop toward the lower boundary of the channel, breaking below this barrier may locate the support at 850 SAT and below. Meanwhile, the technical indicator Relative Strength Index (14) may cross above the 60-level to give more bullish signals in the market.

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