SNX prices showcase a boom in buying pressure with the reversal rally gaining momentum and preparing a jump to the $3.50 mark. Key technical points: The SNX market price has increased 80.84% over the past 48 hours. The uptrend challenges the 50-day EMA. The 24-hour trading volume of Synthetix is $314 Million, indicating a hike of 1150%. Past Performance of SNX The SNX price action shows a V-shaped reversal from the psychological mark of $1.50 resulting in an 80% jump within the last 48 hours. The reversal rally breaks above the long-coming resistance trendline and the 20-day EMA(blue). However, the higher price rejection in the daily candle makes it difficult for the market price to sustain above the 50-day EMA(red). Source- Tradingview SNX Technical Analysis The SNX prices surpass the $2.50 mark and attempt to sustain above the $3 mark. The increased trading volume to support the reversal rally displays the bullish commitment. This increases the likelihood of the $3 breakout. The MACD indicator shows a reversal in the fast and slow lines leading to a bullish crossover which marks a buying signal for short-term traders. Moreover, the rising trend in resurging MACD histograms displays increased demand for the Synthetix token. The RSI slope spikes quickly after reaching the oversold boundary to surpass the 14-day SMA and the halfway line. In addition, the uptrend continues in the nearly overbought zone to reach the overbought bo...
