Synthetix

Million

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Synthetix is under bearish momentum.</a> </li> 
 <li> <span>2</span> <a>SNX crypto price is currently trading at $2.110&nbsp; with a drop of 1.72% in the last 24 hours with a current market cap of $567.483 Million.</a> </li> 
 <li> <span>3</span> <a>Synthetix crypto price decreased by 15.38% over the past seven days.</a> </li> 
</ul> 
<p>The Synthetix crypto price projection indicates the crypto produced an interesting falling pattern. SNX crypto struggles to move above 20, 50, 100, and 200-day daily moving averages.</p> 
<p>The current value of Synthetix is $2.105. It has a market capitalization of around $565.332 Million with a fully diluted market cap of $647.562 Million. The crypto has a circulating supply of 268.949 Million.</p> 
<p>Since the beginning of the year, SNX gave positive returns of 46.58% while returns over the past 6 months are -19.49%. The return was -29.82% last month and -15.75% last week.&nbsp;</p> 
<p>SNX price prediction suggests that investor opinions about the Synthetix token are bearish. Investors may prefer to keep a keen eye on crypto. Currently, the SNX price is below all the key EMA and MA levels.</p> 
<p>SNX technicals signal selling pressure and the technical oscillators also indicate bearishness. The moving averages are also on the strong sell side. This shows bearish dominance in the market.&nbsp;</p> 
<p>However, sellers may approach 50-SMA which is acting as a resistance to the crypto price. The 24-hour trading volume (92.783K) is lower than the 10-day average volume (239.591K).</p> 
<p>The Synthetix price prediction shows that the crypto is trying to break the upper trendline on the daily time frame chart but failed. Synthetix crypto needs positive momentum in order to break out from the descending pattern.</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-of-synthetix-crypto-price-in-1-d-timeframe-strong"><strong>Technical Analysis of Synthetix Crypto Price in 1-D Timeframe</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/RkQH8XSly0IkhlVG0iCn5kn6xhHQ22Mx8r3yAo8qsOn_BRBVNehwb6lNvaxpYiSyY913rGN2xoLwDNUonJelVTtEfznos-XH7MLfuuwUT5y1n7TQS5UMX2t3Kv5haqui8fHGeCvNf_kbzZx7-IHiBw" alt="Synthetix Crypto Forecast: Is SNX Going Bearish in August 2023?"> 
  <figcaption class="wp-element-caption">
    Source: Synthetix.1D.USD by TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>Currently, Synthetix crypto (SNX) is trading below the 50, 100, and 200-day Exponential moving averages, which shows substantial bearish momentum. Nevertheless, if more additional selling volume counts up, then the price might conquer supporting SMAs by creating lower highs and lows.&nbsp;</p> 
<p>Hence, the Synthetix price is expected to move downwards giving bearish sentiments over the daily time frame chart.</p> 
<p>The current value of RSI is 33.47 points. The 14 SMA is below the median line at 41.67 points which indicates that the Synthetix crypto is bearish. The MACD line at -0.109 and the signal line at -0.063 are above the zero line.&nbsp;</p> 
<p>A bearish crossover is observed in the MACD which signals more bearishness for the Synthetix crypto price.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Synthetix (SNX) technical indicators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the Synthetix crypto price. <a href="https://www.thecoinrepublic.com/2023/08/16/synthetix-snx-crypto-a-bullish-or-bearish-outlook-for-2023/" target="_blank" rel="noopener noreferrer nofollow">Synthetix price </a>action indicates that the investors and traders are bearish on the 1-D time frame. The price action shows a bearish perspective at the moment.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Resistance Levels:</strong> $3.253 and $3.936.</li> 
 <li><strong>Support Levels:</strong> $1.933 and $1.296.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.</p>

Synthetix Crypto Forecast: Is SNX Going Bearish in August 2023?

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 21, 2023

EtherMail and MoonPay Elevating the Web3 Payments Experience

COIN Stock Continues to Plunge, Will it Touch $50?

Top 5 best crypto arbitrage bots today. Cryptocurrency Arbitrage with Bitcoin. How profitable wil...

Bitcoin Breaks Key Support Levels, Hinting at Potential Downtrend Ahead

Key Cryptocurrencies To Watch Closely – 1inch (1INCH), Nexo (NEXO

Smart Buyers are Buying During Dip, Get Pepe, Shiba Inu, and Pomerdoge Cheap

Join our free newsletter for daily crypto updates!