SNX Technical Analysis: High Supply Inflow Traps Bullish Trend

SNX coin price shows a reversal trend struggling to rise above the 50 and 100-day EMA as the bearish powers make a comeback. Key technical points: The MACD and signal lines are ready for a bullish crossover. The SNX coin price has increased by 0.36% within the last 24 hours. Finally, the 24-hour trading volume of Synthetix is $119.57 Million, marking a 37% rise. Past Performance of SNX The SNX coin price action shows a sudden halt in the bearish trend after a downfall of 40% within ten days. The sudden break in the descent comes with a bullish retracement of 18% in the last four days and challenges the 50 and 100-day EMAs. However, the trend shows higher price rejection near the EMAs resulting in long wick formations in the daily candles. Source-Tradingview SNX Technical Analysis SNX coin price strives to surpass the $5.50 mark, but the increased supply inflow knocks down the bullish attempts. Hence, the chances of the bullish reversal succumbing under the high supply inflow increases and warns $5 fallout. The crucial daily EMAs maintain a bearish alignment as the 50 and 100-day EMAs fail to get a merger and deflect the bullish uprising. Hence, the EMAs play a substantial role in dynamic resistance and promote the downtrend. RSI Indicator: The RSI slope reaches the halfway point after a V-shaped reversal in the nearly oversold zone. However, the uprising faces a resistance confluence of the 14-day average and the halfway mark....