Synthetix Price Prediction for Today, July 18: SNX/USD Makes a Comeback Below $2.80

Updated: 03 August 2023

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The Synthetix price prediction shows the coin moving down within the channel as its sell-offs may be extended further.

Synthetix Prediction Statistics Data:

Synthetix price now: $2.68
Synthetix market cap: $962.3 million
Synthetix circulating supply: $977.6 million
Synthetix total supply: $977.6 million
Synthetix coin market ranking: #45

SNX/USD Market

Key Levels:

Resistance levels: $3.30, $3.50, $3.70

Support levels: $2.20, $2.00, $1.80

Synthetix Price Prediction for Today, July 18: SNX/USD Makes a Comeback Below $2.80 — SNXUSD – Daily Chart

SNX/USD is currently changing hands at $2.68, down from the recent high of $2.89 that the coin touched a few hours ago. The Synthetix price is moving sliding below the upper boundary of the channel on the market and it is likely for the coin to cross below the support level of $2.60 if the selling pressure increases.

Synthetix Price Prediction: What Would be the Fate of Synthetix (SNX)?

According to the daily chart, the Synthetix price is likely to create additional support if the bulls failed to resume back into the market. But, the widespread retracement on the market could bring the coin toward the lower boundary of the channel with the next local support located at $2.40. Meanwhile, this level is likely to limit the correction and serve as a jumping-off ground for another bullish wave.

However, if the coin drops more, it is likely for the sell-off to gain traction with the next focus on $2.20, $2.00, and $1.80 support levels. On the upside, the initial resistance may be created at $3.00 and traders may need to see a sustainable move above the upper boundary of the channel to test this. The further bullish movement could touch the resistance levels of $3.30, $3.50, and $3.70 respectively. The technical indicator Relative Strength Index (14) is likely to cross below the 70-level, which could suggest more bearish signals.

Against Bitcoin, the Synthetix price may continue to experience a serious downtrend, as the coin slides toward the 9-day and 21-day moving averages. The bulls have not been able to push the market above the channel as the technical indicator Relative Strength Index (14) slides below 70-level.

Nevertheless, the critical support level could be located at 740 SAT and below, but if the bulls begin to power the market, the coin may break to the upside to locate the potential resistance level at 1100 SAT and above after crossing the upper boundary of the channel.

Synthetix Alternatives

The Synthetix price is currently trading around $2.68 and once it manages to surpass the potential resistance of $3.00, the next target could be located above the upper boundary of the channel. However, a push from here could send the price straight to the upside while the daily low could be spotted at the $2.50 support level.

Although this is currently just speculation, Wall Street Memes’ team has revealed that $WSM will be listed in some major crypto exchanges once the presale concludes as the token has raised close to $16 million in the presale.

Read more:

New OKX Listing - Wall Street Memes

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