The SNX Technical Analysis shows a potential bullish reversal as buyers sustain dominance over the $2.2 crucial support level. The SNX price displays a long-term downtrend after facing rejection from the 200-day EMA to reach the crucial support level of $2.2. However, the recent bullish candle forming at the $2.20 support level projects the possibility of a short-term bullish reversal. So, should you consider buying Synthetix? Key Points: The Synthetix prices show a bull cycle heating up at the support trendline. The double bottom can result in a bullish breakout. The intraday trading volume in Synthetix is $64.4 million. Source – TradingView SNX Technical Analysis The SNX price displays the start of a long-term downtrend after facing opposition from the 200-day EMA. After reversing from $4.5, the declining market value takes support at $2.20, accounting for a 46% downfall. Currently, the price trend sustains above the $2.20 mark avoiding a drop to the 78.6% Fibonacci level slightly above $2. Additionally, the 3.96% intraday jump resulted in a bullish candle with the potential to reach the overhead resistance of $2.68. However, the lack of bullish support in the intraday trading volume questions the possibility of the trend sustaining above $2.20. Therefore, traders hoping to ride the reversal rally must wait for the candle closing to avoid any higher price rejection trap. If the buying pressure persists, the fresh bull cycle ...
