SNX/USD Faces Intraday Correction; Trades at $1.89

The Synthetix price prediction shows that SNX slips as the price drops to $1.87 and may create a new low in the next negative move.

Synthetix Prediction Statistics Data:

• Synthetix price now – $1.89
• Synthetix market cap – $470.2 million
• Synthetix circulating supply – 247.4 million
• Synthetix total supply – 308 million
• Synthetix Coinmarketcap ranking – #72

SNX/USD Market

Key Levels:

Resistance levels: $2.5, $2.7, $2.9

Support levels: $1.5, $1.3, $1.1

SNX/USD falls to touch the nearest support at $1.87, which is now, subject to the price actions above the 9-day and 21-day moving averages. Meanwhile, as the bears take charge, the Synthetix price is likely to lose momentum toward the lower boundary of the channel. However, any upward movement towards the north may play out if the coin spike to the upside.

Synthetix Price Prediction: SNX/USD Could Retreat to Rebound

According to the daily chart, the Synthetix price is hovering at $1.89 as the coin remains above the 9-day and 21-day moving averages. However, if SNX/USD decides to stay under the control of bears, the market price may likely face the lower boundary of the channel which could hit the support levels at $1.5, $1.3, and $1.1.

Meanwhile, if the technical indicator Relative Strength Index (14) rebounds and crosses above the 50-level, the bulls may keep the Synthetix price above the 9-day and 21-day moving averages. Therefore, any further bullish movement above the upper boundary of the channel could hit the resistance levels of $2.5, $2.7, and $2.9. Looking at it technically, any negative cross to the downside may introduce more bearish signals which could create additional lows within the market before heading to the upside.

When compares with Bitcoin on the chart, the Synthetix price is likely to follow the downtrend where it is expected to move near the 9-day and 21-day moving averages. On the contrary, if the price crosses above the upper boundary of the channel, the market may experience an upward trend that could touch the nearest resistance level at 1400 SAT and above.

Nevertheless, if the bears put more pressure and create additional lows, the SNX price may cross below the moving averages to hit the support at 950 SAT and below. Moreover, the technical indicates Relative Strength Index (14) stays below the 60-level as the signal line faces the south.

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