Synthetix Network (SNX) Price Prediction – When will SNX hit $10?

Synthetix is the 68th largest crypto network in Coinmarketcap listing, with a market capitalization of more than $564 million. Since the listing, this token has been trading with a 400% gain from $0.46 on 16 March 2022 to $2.37 on 30 September 2022.

The all-time high of this token is $28.77, reached on 14 February 2021 on the back surge in the crypto DeFi sector since 2020. The time period was also known as the “DeFi Summer of 2020”.

However, since hitting the record high, SNX has struggled to add to its valuation. In 2021, this token fell more than 25% and faced further selling pressure in 2022. As a result, the ongoing bear market influenced the SNX price to move 90% down from the record high on 15 October 2022.

Overall, SNX/USD price is trading 60% down from year to date, while the leading crypto, Bitcoin and Ether, are 59% and 64% down, respectively.

Let’s see the Synthetix (SNX) Price Prediction from the SNX/USD technical analysis: 

SNX/USD Bulls Need A Strong Breakout

 

SNX/USD price is trading within a strong bearish trend, where the selling pressure in April was very impulsive. However, the bearish pressure has faded since June 2022, where the most recent downside momentum from the 4.42 high to the 1.81 low was very corrective. After several internal swing highs at 3.71 and 4.42, the extreme correction indicates a possible trend change. Therefore, investors should closely monitor how the price trades at the 20 DMA to confirm the bullish trend reversal.

The highest trading volume level in September was at 2.32 level, which is above the current price. Therefore, as long as the price trades below the 2.32 level, the broader market context will be bearish. 

The indicator window shows an extreme corrective pressure as the MACD Histogram hovers at the neutral zero area. The dynamic 20 DMA is approaching the price as a near-term resistance level, which could open a bearish possibility in the price.

Based on the Synthetix Network Price Prediction, any bearish pressure from the 2.32 to 2.10 area would be a decent short opportunity, where the main aim is to reach the 1.41 support level.

The alternative Synthetix Price Prediction is to wait for a breakout and a daily candle above the 2.55 level before going long, targeting the 4.42 key resistance level.

SNX/USD Supply-Demand Analysis

 

In this Synthetix Network Token Price Prediction, we are using the last 4 months’ price action, where the buying pressure from the 1.75 to 1.41 zone made a new higher high at the 3.80 level. It is a sign that buyers’ at 1.75 to 1.41 area are strong to indicate it is a valid demand zone. Therefore, the primary trading approach is to find the price at the demand zone and form bullish rejection candlesticks before going long. 

The most recent selling pressure is carried by the 20-day Exponential Moving Average, which clearly shows the liquidity building. Therefore, the primary trading approach is to form a bullish breakout above the 20 DMA, which could induce early buyers. However, the best option is to grab the liquidity below the 1.87 swing high and reach the critical demand zone, from where a conservative bullish approach is applicable.

Investors should find a new swing high from the demand with a bullish Quasimodo formation, which could validate the bullish opportunity. On the other hand, breaking below the 1.41 level with a sharp bearish candle could invalidate the structure, opening the possibility of reaching the 1.50 level.

SND/USD Intraday Price Action Analysis

 

In the SNX Price Prediction, the intraday price shows a bearish opportunity as the visible range high volume level is above the price, working as a strong resistance level. Moreover, the 20 EMA and weekly VWAP are above the price and provide a minor barrier to bulls.

The indicator window shows extreme bullish pressure as the TDI line reaches the overbought area. However, the current TDI level is above the 60% level, where the downside pressure below the 40% level would increase the bearish possibility.

Based on the H4 context, the buying pressure is valid if the H4 candle closes above the 2.28 resistance level, which could increase the price toward the 2.74 area. On the other hand, any near-term selling pressure from the 2.28 to 2.10 area could lower the price towards the 1.82 swing high.

Is Synthetix (SNX) A Buy?

Based on the current SNX/USD price prediction, investors should wait for the price to come down toward the near-term demand zone and form bullish rejections before going long. However, the broader crypto market is still bearish, where close attention to the near-term support level is needed.

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