The SNX Technical Analysis shows a retracement to the support level at $2.20, inchoating a descending triangle pattern, teasing a fallout rally. Key Technical Points: SNX prices have increased by 1.56% in the last 24 hours. The price action struggles to sustain above the 50-day SMA. The 24-hour trading volume of Synthetix is $52 Million, indicating a drop of 2.36%. Past Performance of SNX The SNX price shows a bullish reversal from the $2.20 support level to rise above the 50-day average line. However, the increased selling pressure results in a continued bearish trend cracking under the SMA, inchoating a resistance trendline and descending triangle pattern. Hence the overall outlook remains bearish, teasing a potential fallout of the triangle pattern. Source – Tradingview SNX Technical Analysis The SNX price action shows a bullish candle forming with a growth of 3.27% today, which teases a potential bullish reversal to the resistance trendline. However, the probability of a bullish breakout decreases as the selling pressure over the crypto market increases. The DMI indicator shows that DI lines are preparing a bearish crossover with a drastic fall in the ADX line. Hence the technical indicator shows a severe drop in the underlying bullish momentum, which will shortly lead to a bearish breakout. Furthermore, the Stochastic RSI indicator shows an ongoing bearish trend in the K and D lines, ready to cross under the oversold boun...
