Market Overview for Synthetix/Tether (SNXUSDT)

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• Synthetix/Tether (SNXUSDT) formed a bullish continuation pattern on the 15-minute chart with strong volume confirmation.
• Price tested key resistance at 0.697–0.701, with a 61.8% Fibonacci retracement at 0.698 coinciding with a Bollinger Band squeeze.
• RSI showed overbought conditions at 75–80 while MACD remained positive, suggesting ongoing momentum.
• Volume spiked at 0.698–0.702, with notional turnover confirming strength, but divergence seen near 0.694–0.696.

Synthetix/Tether (SNXUSDT) opened at 0.668 at 12:00 ET–1 and rose to a high of 0.704 before closing at 0.698 as of 12:00 ET today. Total volume reached 1,758,294.6 and notional turnover amounted to $642,658. The 24-hour period showed a bullish breakout attempt with mixed volume divergence.

Structure & Formations

The price action on SNXUSDT formed a key ascending wedge pattern on the 15-minute chart from 0.668 to 0.703, with the upper boundary aligning with the 0.703–0.704 high. A bullish breakout at 0.703 was confirmed by increasing volume. On the downside, key support levels were identified at 0.694–0.696 and 0.690–0.691, both of which held during consolidation. A bullish engulfing pattern was seen near 0.694–0.698, reinforcing the likelihood of a continuation in the near term.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs showed a bullish crossover, with the 20 SMA rising above the 50 SMA near 0.696–0.698, indicating potential upward bias. The daily chart showed the 50-period SMA at 0.689, the 100-period SMA at 0.683, and the 200-period SMA at 0.678, suggesting that the pair remains in a long-term bullish phase.

MACD & RSI

The MACD remained in positive territory with a bullish histogram expansion between 0.696 and 0.702, reinforcing recent momentum. RSI reached overbought territory above 75 during the 0.701–0.703 push, but remained above 60 during consolidation, suggesting that upward momentum is still intact. A pullback to RSI levels of 50–55 could indicate a short-term trading opportunity.

Bollinger Bands

Volatility expanded as the 20-period Bollinger Bands widened, with price closing near the upper band at 0.702–0.703. This indicates a strong continuation bias. The squeeze seen earlier in the 0.694–0.696 consolidation phase now appears resolved, pointing to a probable continuation of the bullish trend.

Volume & Turnover

Volume spiked significantly during the 0.698–0.702 move, with a single 15-minute candle at 0.701–0.702 showing a volume of 168,873.9 and a notional value of $118,811. This confirmed the move as a strong breakout. However, a divergence was noted during the 0.694–0.696 consolidation where volume was low despite price action suggesting bearish pressure.

Fibonacci Retracements

Key Fibonacci levels were identified from the 0.668–0.704 move. The 38.2% retracement at 0.689 and the 61.8% retracement at 0.698 were both tested, with the 0.698 level holding as a pivot point. This suggests that any pullback to 0.694–0.696 could be a re-entry opportunity for longs, while a break below 0.690 could signal a potential reversal.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a bullish breakout above 0.698, confirmed by increased volume and a RSI above 60. Stop-loss placement could be set just below 0.694, with a target at 0.704–0.706. Given the current structure, the setup aligns with a continuation of the bullish wedge pattern, suggesting a win probability of ~65–70% if executed within a 6–12-hour window.