- Synthetix price bounces off support at $3. 40 in readiness for a breakout to $5.00.
SNX /USD is drawing closer to the resistance at the 50EMA, likely to delay the scenario.
The declines followed the confines of a parallel . Support at $3. 40 came in hardy, preventing the leg from extending to $3.00. A reversal is currently underway. SNX has already stepped above $4.00, support confirmed earlier in September. Moreover, the DeFi token trading above the , after a confirmation.
The uptrend is highlighted by the ( ), after a sustained recovery from the oversold region. If the maintains the positive gradient into the overbought zone, SNX is likely to continue with the uptrend aiming for levels above $5.00.
The resistance at the 50 ( ) must, however, come down for the expected gains to materialize. More hurdles are envisaged at the 100EMA in the 4-hour range. On the flip side, short term support at $4.00 must be guarded at all costs. Otherwise, SNX could resume the downtrend, eyeing $3.00.
Synthetix Intraday Levels
Spot rate: $4.25
Relative change: -0.025
Percentage change: -0.8%