Synthetix (SNX) is on the path of forming a bullish rounding bottom pattern, indicating a possible shift in market trends. This article reviews the details of current market conditions and price forecasts.
Formation of Rounding Bottom Pattern
Alpha Crypto Signal noted that Synthetix (SNX) is developing a rounding bottom on the 4-hour chart. This pattern often indicates a market sentiment shift, suggesting potential upside if resistance around $0.73 is cleared.
Current Market Conditions and Key Metrics
As of the time of writing, Synthetix is trading at $0.6961, reflecting a 5.2% decline over the past 24 hours. The market capitalization is approximately $239 million, while the trading volume over the last day is reported at $13.27 million. The Total Value Locked within the protocol remains steady at $91.3 million.
Resistance and Support Levels to Watch
The neckline at $0.73 remains the critical level. A breakout and hold above this level could signal further upside, with potential targets of $0.78 and $0.80. Should the neckline fail, SNX may revisit the support area at $0.68.
In conclusion, Synthetix (SNX) is positioned interestingly with a forming bullish pattern. Attention should focus on critical resistance and support levels to determine the future price direction.
