Synthetix/Tether (SNXUSDT) Market Overview

• Price dropped from 0.684 to 0.612 on heavy volume, indicating bearish momentum.
• RSI approached overbought levels early before reversing into oversold territory.
• Volatility expanded after 0.65, with sharp declines into the 0.61–0.62 range.
• Bollinger Band contraction occurred prior to the drop, confirming a breakout.
• A bullish engulfing pattern formed near 0.612, hinting at potential short-term reversal.

Synthetix/Tether (SNXUSDT) opened at 0.679 on 2025-09-21 at 12:00 ET, peaked at 0.684, and closed at 0.612 by 12:00 ET on 2025-09-22. Total volume reached 1,319,646.5, while turnover amounted to approximately $799,178.00. The pair displayed bearish bias and a sharp correction into the 0.61–0.62 cluster.

Structure & Formations

The price formed a descending pattern from 0.684 to 0.612 over 24 hours, with key resistance at 0.68–0.684 and support at 0.65–0.646. A large bearish candle on 2025-09-22 at 00:45 ET (high 0.669, low 0.652) marked a critical turning point. Later, at 13:15 ET, a bullish engulfing pattern emerged, suggesting potential short-term support. The 0.612 level now acts as immediate support, with a doji forming at 15:00 ET as a potential reversal signal.

Structure & Formations

A 38.2% Fibonacci retracement level at 0.651 and a 61.8% level at 0.638 appear to have acted as temporary resistance before the sharp decline. The 20 EMA (at ~0.647) crossed below the 50 EMA (at ~0.652), indicating bearish alignment on the 15-minute chart. Daily chart indicators show the 200 EMA at 0.669 offering long-term resistance, suggesting bearish continuation if the current trend holds.

MACD & RSI

The RSI dipped below 30 by 06:00 ET, signaling oversold conditions, while the MACD line crossed below the signal line earlier in the session. However, both indicators showed signs of divergence after 09:00 ET, with RSI failing to make a new low on the price drop, hinting at a potential short-term reversal. A bullish crossover of the MACD is expected if the 0.61–0.615 range holds.

Bollinger Bands

Volatility expanded dramatically after 00:45 ET, as the 20-period Bollinger Bands widened, indicating increased uncertainty. Price tested the lower band multiple times between 06:00 and 09:00 ET, before bouncing off the 0.61–0.615 level. A retest of this range may confirm its strength or trigger a short-term rebound.

Volume & Turnover

Turnover surged during the sharp decline, with the largest single candle at 00:45 ET accounting for $246,631.00 in turnover. Volume also spiked during the rebound phase (09:00–13:30 ET), confirming the strength of the bullish reaction. Divergence occurred between volume and price at 05:45 ET, as volume waned despite continued downward movement, suggesting weakening bearish conviction.

Fibonacci Retracements

The 61.8% retracement level at 0.638 and the 38.2% level at 0.651 acted as resistance during the rebound phase. A break below 0.61 could extend the Fibonacci sequence to 0.59–0.60, aligning with a potential continuation of the bearish trend. On the 15-minute chart, the 61.8% retracement at 0.616–0.618 appears to be a key immediate resistance for any near-term bounce.

Backtest Hypothesis

A potential backtesting strategy for this asset could focus on a breakout entry rule triggered by a close above the 15-minute Bollinger Band upper channel, confirmed by a positive RSI divergence and bullish MACD crossover. Stops could be placed below the 61.8% Fibonacci level, with take-profit targets set at the 38.2% and 20 EMA levels. This approach would aim to capture both momentum and reversal signals observed during the recent correction phase.