SNX Technical Analysis: Will The 100-day EMA Rescue Buyers?

SNX coin price shows a sudden halt in the downfall rally from the 100-day EMA resulting in a 5% growth. Will the recovery retest the $6.65 mark? Key technical points: SNX prices prepare a triangle breakout. The MACD and signal lines keep a sideways trend. The 24-hour trading volume of Synthetix is $112 Million, marking a 6% fall. Past Performance of SNX SNX coin price shows a failed bullish reversal from the $4.54 mark to surpass the $6.65 level resulting in a retracement to the 100-day EMA. Hence, the downfall cracks the rounding bottom pattern and undermines the bullish attempt with the increased selling. Source-Tradingview SNX Technical Analysis As depicted in the daily chart, the SNX token price failed to sustain above the 200-day EMA and fell 18% within two days. However, buyers regained trend control today, showing a 5% growth from the 100-day EMA. The sideways movement in crucial EMAs(50, 100, and 200) reflects a more substantial bearish commitment as the 200-day EMA keeps the buyers under control. Finally, the 100-day EMA comes to the bullish rescue and lights a reversal of hope. MACD Indicator: The MACD and signal lines struggle to achieve a bullish spread after the recent crossover and maintain a sideways trend. Hence, the opportunity to undermine the bullish crossover arises. RSI Indicator: The RSI slope shows a U-shaped gradual reversal surpassing the 14-day average. Moreover, the indicator value sustained above th...