SNX/USD Trades Near $2.0 Resistance

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The Synthetix price prediction reveals that SNX needs a bullish cross above the $1.8 resistance level to deny the bears entering the market.

Synthetix Prediction Statistics Data:

  • Synthetix price now – $1.62
  • Synthetix market cap – $404.2 million
  • Synthetix circulating supply – 249.4 million
  • Synthetix total supply – 311.4 million
  • Synthetix Coinmarketcap ranking – #75

SNX/USD Market

Key Levels:

Resistance levels: $2.20, $2.40, $2.60

Support levels: $1.00, $0.80, $0.60

Synthetix Price Prediction for Today, January 6: SNX/USD Trades Near $2.0 Resistance
SNXUSD – Daily Chart

SNX/USD is hovering around $1.62 as the coin prepares to gain more bullish signals in the positive movement. However, the bullish movement to the upside could not allow the market to bow to the selling activity under $1.60. At the moment, the Synthetix price is trading above the 9-day and 21-day moving averages.

Synthetix Price Prediction: Would SNX Price Move Above $1.65?

At the time of writing, the Synthetix price heads to the upside as the coin hits the daily high at $1.62. Looking at the daily chart, the $1.52 remains to be a key support zone and if it is broken, the sell-off may be extended toward the $1.50 support level.

In other words, any reversal towards the lower boundary of the channel may welcome the bears back into the market and the price could meet the critical supports at $1.00, $0.80, and $0.60. Therefore, the technical indicator Relative Strength Index (14) crosses above the 50-level to indicate the continuation of the bullish trends and further resistance could be found at the $2.20, $2.40, and $2.60 levels.

Against BTC, the daily chart shows that the Synthetix price is following the uptrend. If the price stays above the 9-day and 21-day moving averages, there is a possibility of a bullish movement in the long term. If the price continues to rise, it could break the 1200 SAT and above.

SNXBTC – Daily Chart

Meanwhile, if the bears regroup now, the bearish movement toward the lower boundary of the channel could play out before touching the support level of 800 SAT and below. At the moment, the daily outlook is still ranging as the Relative Strength Index (14) moves above the 50-level.

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