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The Synthetix prediction price is changing hands at $5.08 as the coin moves to cross above the upper boundary of the channel.
Synthetix (SNX) Surges by 10%: New High on the Horizon?
Synthetix (SNX) stands out among altcoins as a frontrunner in today’s bullish market surge, boasting an impressive 10% growth over the past 24 hours, soaring to $5.22. With its current performance trajectory, Synthetix has surged by over 16% in the week-to-date (WTD) period, showcasing its resilience and potential amidst the volatile cryptocurrency landscape.
Synthetix Market Price Statistic:
- Synthetix price now: $5.08
- Synthetix market cap: $1.6 billion
- Synthetix circulating supply: $327.7 million
- Synthetix total supply: $328.1 million
- Synthetix coin market ranking: #71
SNX/USD Market
Key Levels:
Resistance levels: $6.30, $6.50, $6.70
Support levels: $3.40, $3.20, $3.00
SNX/USD is currently trading around $5.08 and once it manages to surpass the potential resistance of $5.30, the next target could be located at $5.50. However, a push from here could send the price straight to the resistance level of $6.0 as the daily low could be spotted at the $4.50 support level. If the current level fails to hold strong, the Synthetix (SNX) could slip below the 9-day and 21-day moving averages and could hit the nearest support at $4.00.
Synthetix Price Prediction: Would SNX/USD Continue the Upward Movement?
Looking at the daily chart, the Synthetix bulls are now dominating the market. However, if the buyers can put more effort and push the market price above the upper boundary of the channel, SNX/USD may likely hit the resistance levels of $6.30, $6.50, and $6.70 respectively. In addition, any bullish movement above these key resistance levels may likely encourage further buying.
Nevertheless, a break toward the lower boundary of the channel may bring the coin toward the critical supports at $3.40, $3.20, and $3.00. Meanwhile, looking at the moving averages, Synthetix may follow an upward trend as the 9-day MA moves to cross above the 21-day MA, suggesting that the market may head to the upside.
SNX/BTC Heads to the Upside
Against Bitcoin, the Synthetix price is hovering above the 9-day and 21-day moving averages aiming to cross above the upper boundary of the channel. Therefore, unless the resistance level of 7420 SAT effectively holds and the price ends up closing above it, there might not be any reason to expect a long-term bullish reversal.
On the contrary, bringing the price toward the lower boundary of the channel could refresh lows under 6800 SAT as a possible bearish continuation may likely hit the major support at 5500 SAT and below. Moreover, the buyers may push the coin to the potential resistance at 8500 SAT and above as the 9-day MA crosses above the 21-day MA, suggesting more bullish signals.
On that note, @Bit_Luxe shared with his 21k followers on X (formerly Twitter) that $SNX is experiencing a 2% increase in trading today. The weekly chart illustrates a flawless retest of the previous resistance zone. Moreover, holding for a few months with a target profit region set at $6. The bullish sentiment is at its peak! 🚀
$SNX trading 2% up today, Weekly chart shows a perfect retest on previous resistance zone.
Holding for a couple of months with $6 as first target profit region. Bullish af!!#crypto #Synthetix $SNX https://t.co/xyBm38fgGg pic.twitter.com/aU5GNXcFdW
— BitLuxe (@Bit_Luxe) March 23, 2024
Alternatives to Synthetix
There’s a possibility of an upward trend for Synthetix, potentially breaking above the upper channel boundary if buying pressure from bulls intensifies. Conversely, if bullish momentum falters, Synthetix’s price may find support within the channel, though any market retracement could lead the coin toward the lower boundary. In comparison to Synthetix’s $1.6 billion market capitalization, Bitcoin Minetrix is currently in its early stages. Despite Synthetix’s established presence, Bitcoin Minetrix presents an attractive opportunity, showing potential for rapid price growth. With over $12.6 million already raised in its ongoing presale, Bitcoin Minetrix demonstrates a promising trajectory.
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