The SNX prices reverse from $2.68 with a morning star pattern, resulting in a 13% jump this weekend. So, should you consider joining the reversal hype? Key Technical Points: The Synthetix market price action shows a bullish reversal from the $2.68 horizontal level to form a morning star pattern. The 50 and 100-day EMA fail to give a bullish crossover due to the correction phase. With a market cap of $342 million, the intraday trading volume of Synthetix has increased by 34% to reach $77.26 million. Past Performance of SNX The Synthetix (SNX) price experienced an increase in bearish influence last week near the $4.15 support zone and the 200-day EMA. The bullish reversal due to the failure to sustain above the $4.0 mark results in a 35% drop to reach the $2.68 support level. However, the buyer reclaims the trend momentum this Sunday to form a morning star pattern with a 13% price jump. Source – Tradingview SNX Technical Analysis The SNX price action projects an increase in bearish influence over the daily candle, evident by the 4.93% price drop. Hence the sellers are undermining the morning star pattern increasing the likelihood of a price drop to the psychological mark of $2.0. With the recent crash in the Synthetix token price, the 50 and 100-day EMA fail to give a bullish crossover. Hence, the crucial EMAs reclaim the bearish alignment increasing the possibility of a downtrend continuation. After the phenomenal drop in under...
