SNX Technical Analysis: Will The Uptrend Outgrow Bullish Pattern?

A sharp V-shaped reversal in the SNX coin price creates a rounding bottom pattern with a neckline at $7.65. Will buyers surpass the limit for a bullish breakout? Key technical points: The 50 and 100-day EMA are ready for a bullish crossover. The MACD and signal lines regain bullish alignment. Finally, the 24-hour trading volume of Synthetix is $352 Million, marking a 61.58% rise. Past Performance of SNX SNX coin price failed to sustain above the 200-day EMA after facing the high supply increase near the $7.65 mark. The rejection led to a 40% within a fortnight, reaching the $4.50 support zone breaking below all the crucial EMAs. However, the buyers actively took control of the trend and brought a V-shaped reversal, regaining the 200-day EMA. Source-Tradingview SNX Technical Analysis SNX coin price surpasses the $6.50 with a 35% jump in the last three days and a jump in buying pressure reflected by the increased trading volume. Hence, the momentum-packed reversal rally will shortly reach the neckline at $7.65. The crucial daily EMAs (50, 100, and 200) maintain a bearish alignment, but the 50 and 100-day EMAs are ready for a bullish crossover. Moreover, the price sustaining above the 200-day EMA increases the chances of bullish continuation. RSI Indicator: The RSI slope surges to cross above the 14-day average line after moving sideways below the halfway line. The uptrend shows a diagonal rise as it approaches the overbought bou...