Market Overview: Synthetix (SNXUSDT) Daily Movement

• Synthetix (SNXUSDT) opened at $0.615 and closed at $0.620 after a volatile 24-hour session with a high of $0.639.
• A bullish breakout above $0.625 confirmed by strong volume signaled renewed buying pressure into early afternoon.
• RSI reached overbought territory near 75, suggesting a potential near-term pullback.
• Volatility expanded as Bollinger Bands widened, with price testing the upper band twice.
• A key resistance at $0.633 was broken, suggesting higher targets may be in focus.

Market Overview

Synthetix (SNXUSDT) opened at $0.615 on 2025-08-07 12:00 ET and closed at $0.620 by 2025-08-08 12:00 ET, with a high of $0.639 and a low of $0.601. The 24-hour session saw a total volume of 1,884,443.9 and turnover of $1,176,125.40, reflecting a mixed but active sentiment.

Structure & Formations

Price formed a bullish engulfing pattern around $0.620–0.625 on the 15-minute chart, confirming a breakout above the recent consolidation zone. A Fibonacci retracement level at 61.8% (~$0.633) was broken, opening the path to higher levels. Key support at $0.620 and resistance at $0.639 were clearly defined, with price showing a preference for testing the upper end of the range.

Moving Averages

The 50-period and 20-period moving averages on the 15-minute chart crossed to the upside during the morning, signaling a shift in momentum. On the daily chart, price closed above the 200-period moving average, suggesting a stronger medium-term bullish tilt. The 50-period MA (~$0.623) provided a dynamic support during the pullbacks.

MACD & RSI

The MACD line crossed above the signal line in the morning, confirming the bullish breakout. However, the RSI hit overbought territory (peaking at ~75) by midday, suggesting that further gains could be met with profit-taking pressure. RSI divergence was not observed during the session, but a pullback to mid-60s appears probable.

Bollinger Bands

Volatility increased significantly, with Bollinger Bands expanding in the afternoon. Price tested the upper band at $0.639 and $0.635, and the lower band at $0.616. A breakout above the upper band was followed by a pullback, indicating that traders are testing the strength of the move.

Volume & Turnover

Volume surged during the breakout above $0.625, with the most active 15-minute bar showing 129,874.5 volume and a turnover of ~$82,800. The highest turnover occurred during the $0.63–0.635 range. Notably, price and turnover moved in tandem during the key up moves, reinforcing the bullish thesis.

Fibonacci Retracements

On the 15-minute chart, price retested the 61.8% level at $0.633 twice before closing just below it. On the daily chart, a 38.2% retracement at $0.639 acted as a resistance during the session. A break above $0.639 could bring the 78.6% level at $0.650 into focus.

Looking ahead, Synthetix may continue to test the $0.639–0.650 range, but traders should watch for a pullback toward the $0.620–0.625 zone for consolidation. A failure to hold above $0.620 could signal a retest of the $0.601–0.605 support area. As always, macro risks and broader crypto market dynamics remain key variables.