SNX Technical Analysis: Inflating Prices Soon To Outgrow Triangle Pattern

With a sharp reversal from the support trendline, the SNX coin price is ready to outgrow the symmetrical triangle pattern in the daily chart. Key technical points: SNX prices crack below the $0.22 mark. The 50 and 100-day EMA are ready for a bullish crossover. The 24-hour trading volume of Synthetix is $172 Million, marking a 25% rise. Past Performance of SNX SNX coin price shows a bullish reversal from the 100-day EMA at $5.50, as mentioned in our previous article. The reversal accounts for an almost 15% jump within the last four days and creates multiple bullish candles to reach the resistance trendline. Source-Tradingview SNX Technical Analysis As the SNX prices jump higher, the resistance confluence of the descending trendline and the 200-day EMA prepares a bearish pushdown. However, the increasing trading volume increases the likelihood of a bullish breakout. The crucial daily EMAs maintain a bearish alignment, but the decreasing bearish spread between the 50 and 100-day EMA tease a bullish crossover. The prices surge to approach the 200-day EMA, which increases the chances of a breakout. MACD Indicator: Despite a significantly weak bullish spread, the MACD and signal lines continue the uptrend in the positive territory. Hence, the indicator reflects a rise in the underlying bullishness. RSI Indicator: After testing the 14-day average line and the halfway mark, the RSI slope sustains in the nearly overbought territory. He...