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The Synthetix price prediction may continue to settle above the 9-day and 21-day moving averages as the coin heads to the upside.
Synthetix Prediction Statistics Data:
- Synthetix price now – $4.67
- Synthetix market cap – $1.3 billion
- Synthetix circulating supply – 300.3 million
- Synthetix total supply – 328.1 million
- Synthetix CoinMarketCap ranking – #50
SNX/USD Market
Key Levels:
Resistance levels: $5.5, $6.0, $6.5
Support levels: $3.5, $3.0, $2.5
Looking at the daily chart, SNX/USD continues to trade above the 9-day and 21-day moving averages within the channel. However, the cryptocurrency is now trying to create a higher ground above the resistance level of $5.0, and should the buyers keep the coin above the moving averages, it may remain on the upside. Today, an early trading session made the Synthetix price touch the $4.71 level before retreating to where it is trading currently at $4.67.
Synthetix Price Prediction: What Could be the Next Direction for Synthetix?
The Synthetix price may stay above the moving averages, if the resistance of $5.0 gives way, the bull run may come to focus, and the coin may create an additional bullish trend. Now, the bullish scenario seems to surface as buyers continue to post firm commitments into the market. According to the daily chart, traders could see a sharp rise in the market price. Therefore, if the coin reaches the resistance level of $5.0, this could further strengthen the market to $5.5, $6.0, and $6.5 resistance levels.
On the downside, a lower possible swing may likely retest the previous support below the 9-day and 21-day moving averages. However, if the bears manage to fuel the market, traders may expect a further drop to the support levels of $3.5, $3.0, and $2.5 respectively. Meanwhile, the 9-day MA remains above the 21-day MA, indicating that the market may retain the bullish trend.
SNX/BTC May Create Additional Gains
Against Bitcoin, the Synthetix price remains above the moving averages aiming to cross above the upper boundary of the channel, which could touch the resistance level of 1200 SAT. However, this resistance level is expected to effectively exceed so that the market price may end up closing above it.
On the other hand, if SNX/BTC trades below the 9-day and 21-day moving averages, it could refresh lows under 1000 SAT and a possible bearish continuation may likely meet the major support at 800 SAT and below but if the coin crosses above the upper boundary of the channel, it could hit the potential resistance at 1300 SAT and above.
Synthetix Alternatives
There’s a possibility of an upward trajectory for Synthetix, with a potential breakthrough above the upper channel boundary if bulls amplify buying pressure. Conversely, if bullish momentum falls short, the Synthetix price might establish additional support within the channel. Any market retracement, however, could bring the coin toward the lower boundary of the channel.
However, when juxtaposed with Synthetix (SNX) commanding a market capitalization of $1.38 billion, Bitcoin Minetrix is currently in its nascent phase. Meanwhile, despite the Synthetix established presence, Bitcoin Minetrix emerges as an enticing prospect, displaying potential for swift price escalation. Therefore, the token has already raised over $5.1 million in its ongoing presale, underlining its promising trajectory.
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