The trendline breakout rally sustains above the 50-day SMA and heads to break the 100-day SMA. Will the uptrend drive SNX prices above $3.5? Key Technical Points: The SNX prices jumped by 9.41% in the last 24 hours. The market value trades between the 50 and 100-day SMA. The 24-hour trading volume of Synthetix is $91.9 Million, indicating a drop of 25%. Past Performance of SNX As mentioned in our previous article, the SNX prices sustain above the 50-day SMA and maintain the breakout rally momentum. The rally heads higher to the 100-day SMA and shows a growth of 35% over the last week. Additionally, the intraday trading volume showcases a positive trend supporting the bullish uprising. Source – Tradingview SNX Technical Analysis SNX price action shows a higher price rejection from the 100-day SMA, reflecting the difficulty for the price trend to surpass the resistance. Hence the uptrend must exceed the opposing SMA to reach the overhead resistance of $3.5. The RSI indicator shows a gradual uptrend reversing from the nearly oversold territory exceeding the Halfway line and the 14 days average line. Hence, the technical indicator supports the thesis of uptrend continuation. Additionally, the MACD indicator shows fast and slow lines maintaining a positive trend above the zero line while the bullish histograms resurface. Further, the increasing spread between the fast and slow lines hints that the uptrend is here to stay. Hence the...
