• Synthetix price prediction shows that SNX is currently rising and could hit $3.0 resistance.
• Technical indicators show that the Synthetix price may begin to move higher if it stays above the 9-day and 21-day moving averages.
• If the bulls failed to push the coin to the upside, bears may take advantage and bring the market price toward the lower boundary of the channel.
Synthetix Price Prediction
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. The daily chart reveals that if the 9-day moving average remains above the 21-day moving average, which confirms the presence of bulls in the market.
If the Synthetix price stays above the 9-day and 21-day moving averages, it is likely to break above its upper boundary of its channel. The technical indicator Relative Strength Index (14) crosses above 60 level which indicates an increased demand for SNX/USD pair. If buyers can break through this resistance level, then they could target potential resistances at $3.5, $3.7 and $3.9 respectively while if sellers take control then supports at $1.7, $1.5 and $1.3 are likely to be tested out by them during their retracement processs .
When compared with Bitcoin, SNX/BTC pair also hovers above both its 9-day and 21-day moving averages as intraday trading is bullish in nature; thus increasing chances of seeing prices break through its upper boundary of its current channel reaching possible resistances around 1300 SATS or higher in case buyers maintain their influence over this pair’s market momentum .
Overall , there seems to be an overall bullish outlook on SNX/USD as well as SNX/BTC pair in today’s trading session due to various factors such as strong technical indicators , presence of bulls etc . However , traders must note that any sudden changes in these pairs‘ trend may result in drastic losses so caution should be taken when entering into trades involving either one or both these assets .