By Curtis Dye
During the previous 24 hours, bullish sentiment valued the price in the Synthetix (SNX) market between an intra-day high of $2.98 and an intra-day low of $2.64. As of press time, SNX was trading at $2.93, up 10.90% from its previous close. However, traders question whether the upward trend will continue in the coming days.
As a result of bullish control, both market capitalization and 24-hour trading volume rose by 10.92% and 19.39%, respectively, indicating rising investor confidence. However, due to the bull-bear squabble, market volatility in the SNX cannot be avoided, and close monitoring of developments is required.
SNX/USD 24-hour price chart (source: CoinMarketCap)
The SYX market’s Aroon up reading of 50.00% and Aroon down reading of 7.14% indicates that bullish momentum is strong and likely to continue soon. Traders may consider taking long positions or holding current ones to capitalize on potential profits. A trend reversal may occur if the Aroon down reading exceeds the Aroon up reading.
The market’s bullish energy remains, with an RSI reading of 59.42; caution is advised as it approaches overbought territory. If the RSI rises above 70, it may indicate that the market has become overbought and that a correction is coming.
SYX/USD 2-hour price chart (source: TradingView)
The SNX price chart shows a bullish crossover (golden cross), with the 50-day Moving Average (MA) at 2.862 and the 100-day Moving Average (MA) at 2.762. This bullish shift could indicate an impending uptrend in the SNX price. Traders and investors may interpret this crossover as a buy signal and closely monitor price action to make informed trading decisions.
As price action moves above both bands, traders and investors may interpret this as confirmation of the bullish trend and potentially increase their positions. Traders may re-evaluate their positions and consider selling if the price fails to maintain momentum and falls below one or both bands.
With a value of 0.030, the blue MACD line on the 2-hour price chart crosses above its signal line into the positive area, indicating that buyers are gaining market power. This move supports the bullish sentiment in other technical indicators, such as the recent rising 50-day Moving Average and trading volume. This shift suggests that the overall trend may move toward the bulls, providing traders with potential buying opportunities.
SNX/USD 2-hour price chart (source: TradingView)
Bullish momentum continues to push Synthetix (SNX) higher, with technical indicators signaling potential buying opportunities for traders.
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