The SNX price shows a successful post-retest reversal from $26.55, teasing a bull run to $37 if the market value exceeds the $30 resistance level. Key Technical Points: The Synthetix (SNX) price action inchoates a Morning Star pattern resulting in a 12% jump overnight. The support trendline helps the buyers avoid a closing below the $3.5 mark. With a market cap of $435 million, the intraday trading volume of Synthetix has increased by 78% to reach $226 Million. Past Performance of SNX As predicted in our previous article, the SNX prices exceed the $3.5 resistance level resulting in a price jump to the 200-day SMA. However, the bullish failure to surpass the opposing SMA results in a retracement to retest the broken horizontal level. After a short consolidation near $3.5, the bullish support from the ascending trendline helps create a Morning Star pattern. The support trendline is in effect after the bullish reversal from the $2.20 support level accounting for a price jump of 66% in the last three weeks. Source – Tradingview SNX Technical Analysis The SNX price avoids a downfall below the $3.5 support level resulting in a successful retest and increasing the uptrend possibility. Moreover, the increased bullish commitment evidenced by the spike in intraday trading volume reflects a stronger bullish side. With the bullish reversal from $3.5, the Synthetix market price challenges the 200-day SMA. Thus, increasing the bullish influ...
