Market Overview for Synthetix/Tether (SNXUSDT) – 2025-09-15

• Price surged from $0.684 to $0.702 in 24 hours, showing strong bullish momentum.
• RSI peaked at 70+, indicating overbought conditions and possible pullback risk.
• Volume spiked sharply in late ET hours as price broke through $0.70.
• Bollinger Bands widened significantly, showing increased volatility.
• A bullish engulfing pattern formed around 05:30 ET, confirming a key breakout.

Synthetix/Tether (SNXUSDT) opened at $0.684 on 2025-09-14 at 12:00 ET, hit a high of $0.702, a low of $0.681, and closed at $0.699 on 2025-09-15 at 12:00 ET. Total volume was 998,026.4 and total turnover was $685,415.00 over 24 hours. A strong upward trend emerged following a key 15-minute bullish engulfing pattern and a late-night breakout above the upper Bollinger Band.

Structure & Formations

The price of SNXUSDT displayed a clear bullish breakout after consolidating between $0.689 and $0.696 for several hours. A bullish engulfing candle at 05:30 ET confirmed the breakout with a high of $0.701 and a low of $0.699, followed by a doji at $0.699 showing hesitation from short-term sellers. A strong trendline resistance was taken out at $0.701, now potentially acting as dynamic support.

Moving Averages

On the 15-minute chart, the 20-period MA was crossed above at $0.694 during the early morning ET session, followed by a clean separation from the 50-period MA. The daily 50/100/200 MA cluster suggested a sideways bias heading into the breakout. The price now sits well above all key moving averages, suggesting a potential continuation of the bullish trend.

MACD & RSI

MACD showed a bullish crossover and increasing histogram size during the breakout period, aligning with the strong upward move. RSI reached 70+, signaling overbought conditions and increasing the probability of a short-term pullback. The divergence between RSI and price was minimal, indicating a strong and cohesive bullish momentum for now.

Bollinger Bands

Bollinger Bands expanded significantly during the breakout, showing increased volatility. Price briefly touched the upper band and closed just below it, suggesting a continuation of the move. The widening bands could indicate a continuation pattern or a possible correction if the upper band fails to hold.

Volume & Turnover

Volume spiked significantly at 05:15 ET and 05:30 ET as the price broke out above $0.70, with a large candle at $0.699 showing 98,466.4 volume and $69,900 turnover. This strong volume confirms the breakout. Later in the morning, as price consolidated around $0.699, volume dropped, suggesting reduced short-term pressure and the potential for a consolidation phase ahead.

Fibonacci Retracements

On the 15-minute chart, the key 61.8% retrace level was at $0.695 and was decisively taken out during the breakout. The 38.2% retrace level at $0.699 was used as a pivot point during the consolidation phase. On the daily chart, the 38.2% retrace level at $0.701 was confirmed as a support-turned-resistance pivot.

Backtest Hypothesis

Given the observed patterns and technical indicators, a potential backtesting strategy could involve entering long at the confirmation of a bullish engulfing pattern (e.g., at 05:30 ET), with a stop-loss placed below the recent swing low at $0.689 and a take-profit target aligned with the 61.8% Fibonacci extension at $0.706. This strategy would leverage MACD and RSI divergence to exit early if overbought conditions persist, while using Bollinger Band expansion to assess the strength of the move.