SNX USDT Synthetix Network Technical Analysis

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By Frans van Elst

Synthetix Network logo In this Synthetix Network technical analysis, we will examine the current price action, trading volume, key levels and indicators for SNX-USDT. Synthetix Network (SNX) is a decentralized derivatives platform that enables users to trade a wide range of assets, including cryptocurrencies, commodities, and indices. SNX utilizes a novel collateralization system that allows for up to 500x leverage, making it an attractive option for traders seeking high liquidity and flexibility. Additionally, the platform’s decentralized nature ensures transparency and security, providing users with peace of mind when executing their trades.

Synthetix Network Price Overview:

As of April 20, 2024, Synthetix Network is trading at approximately 2.982 USDT. Let’s dive into the detailed price action for SNX-USDT:

Anticipate potential setbacks for Synthetix Network (SNXUSDT) at 2.98 USDT through bearish technical analysis, emphasizing weakened support and cautionary indicators.

Metric Value
Open (O) 2.952
High (H) 3.034
Low (L) 2.914
Close (C) 2.982
Volume (C) 848,108.70
  • Open (O): The opening price for today’s trading session was approximately 2.952 USDT.
  • High (H): Synthetix Network reached a daily high of around 3.034 USDT.
  • Low (L): The daily low for SNX-USDT was approximately 2.914 USDT.
  • Close (C): At the time of analysis, Synthetix Network is trading near its daily close of 2.982 USDT.
Metric Value
1D Change (%) 0.98%
3D Change (%) 7.00%
7D Change (%) 7.07%
30D Change (%) -31.72%
90D Change (%) -9.03%
YTD Change (%) -22.85%

Over the past three days, SNXUSDT has risen by approximately 7.00%, showcasing increased market volatility. Throughout the last week, it continued to rise, with a gain of around 7.07%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with SNXUSDT maintaining a downward trend of approximately -31.72%, despite intermittent fluctuations. Examining the last 90 days, SNXUSDT has witnessed substantial decrease of approximately -9.03%, reflecting strong long-term confidence. Year-to-date, SNXUSDT has steadily dropped by around -22.85%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.

Synthetix Network Live Chart:

You can access a live price chart for SNX-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.

Price Volatility and Momentum:

  • Volatility score is 0.96245.
  • Momentum score is -0.3462.

SNX USDT Technical Analysis

Synthetix Network Trading Volume:

The trading volume for Synthetix Network (SNX) over the past 24 hours has been insignificant, with approximately 848,108.70 USDT traded against SNX. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.

Moving Averages:

  • 50-day Simple Moving Average (SMA): SNX is currently trading below the 50-day SMA, indicating short-term bearish momentum.
  • 200-day Simple Moving Average (SMA): Synthetix Network is also trading below the 200-day SMA, indicating a negative long-term outlook.

Relative Strength Index (RSI):

  • The RSI30 for SNX-USDT is currently in the low zone, around 41.95293. This suggests that Synthetix Network is in bearish territory.

Analysis from TradingView:

Our Key Takeaways:

Synthetix Network (SNX-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the low RSI and insignificant trading volume are low signals for potential downward movement.

Anticipate potential setbacks for Synthetix Network (SNXUSDT) at 2.98 USDT through bearish technical analysis, emphasizing weakened support and cautionary indicators.

Don’t overlook our detailed insights on SNX BTC Synthetix Network Technical Analysis if you found this post captivating; it’s a must-read for further exploration.

Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.

Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.

Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.

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