Synthetix Price Prediction for Today, December 6: SNX/USD Faces the Rejection of the $2.00 Level  

In the last daily trading session, we had a strong bullish price breakout that took the price close to the $2.00 resistance level. The session was almost totally bullish. In today’s trading session, the Synthetix bull market continued and breaks the resistance level. At $2.05, the price begins to face rejection from the supply zone.

Synthetix Market Price Statistic:

• SNX/USD price now: $1.9
• SNX/USD market cap: 473,897,417
• SNX/USD circulating supply:247,453,713.29
• SNX/USD total supply: 308,069,419
• SNX/USD coin market ranking: #334

Key Levels

• Resistance: $2.5, $3.0, $3.5
• Support: $1.9, $1.8, $1.7

Synthetix Market Price Analysis: The Indicators’ Point of View.

It looks like the bear market is gathering momentum and the price is rebounding. The Bollinger indicator had beforehand given the sign of the possibility of the bullish price pulling back. The price action of today makes the upper band and the lower band of the indicator diverge – meaning that the bears are also putting strong pressure on the market. The bull market just needs to maintain a strong support level that will prevent further fall in the price of the market today. So from the new support level, buyers can again attempt to break the $2.0 level.

SNX/USD 4-Hour Chart Outlook

According to the RSI indicator, the price pullback is a result of a correction from the overbought zone. It is very likely that the bullish run will continue after the pullback. When we take a look at the volume of the selling trade, we can notice a decline. With the selling pressure weakening, the buying pressure can regain the upper hand as they take the market to the $2.2 price level.

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