Market Overview for Synthetix (SNXUSDT): 24-Hour Rebound Amidst Volatility
3min read
Aime Summary• Synthetix (SNXUSDT) formed a bullish recovery from a 0.677 intraday low, closing near 0.691 amid moderate volume.
• A 24-hour bullish divergence in RSI suggests improving momentum after a sharp selloff earlier in the day.
• Bollinger Band contraction in the early morning indicates reduced volatility, with price consolidating near the midline.
• Key support appears at 0.688, with resistance forming at 0.701, following a failed breakout attempt.
• Volume surged during the 0.703–0.715 rally, confirming strength in the 24-hour rebound.
Synthetix (SNXUSDT) opened at 0.698 on July 18 at 12:00 ET, reached a high of 0.715, and a low of 0.677, closing at 0.691 on July 19 at 12:00 ET. Total volume for the 24-hour period was 5,769,620.8, with a notional turnover of $3,996,696.
Structure & Formations
Price action displayed a clear intraday V-bottom formation, with a sharp decline to 0.677 followed by a strong recovery. A bullish engulfing pattern was observed during the 20:30–20:45 ET window (July 18), signaling a potential reversal. A doji formed at 0.694 (July 18 19:00 ET), suggesting indecision ahead of the recovery. Key support levels at 0.688 and 0.68 emerged, with resistance forming at 0.701 and 0.707.
Moving Averages
On the 15-minute chart, the 20-period and 50-period moving averages crossed during the early rebound, forming a potential golden cross. This suggests short-term bullish momentum. On the daily chart, the price closed above the 50-day moving average but remains below the 200-day line, indicating a mixed technical outlook.
MACD & RSI
The 15-minute MACD turned positive during the 22:45–00:00 ET window, confirming the strength of the rally. RSI moved from oversold territory (below 30) to mid-range levels (50–60), indicating a potential reversal in momentum. A bullish divergence appeared in RSI during the 0.68–0.69 range, suggesting further strength could follow.
Bollinger Bands
Volatility contracted significantly during the early morning hours (July 19), with price consolidating near the midline of the Bollinger Bands. This contraction often precedes a breakout or breakdown, and the subsequent move toward the upper band confirmed the bullish bias.
Volume & Turnover
Volume surged during the 0.703–0.715 rally, particularly in the 04:15–04:30 ET and 05:15–05:30 ET windows, confirming the strength of the rebound. Turnover also increased during these periods, aligning with the price action. A divergence in volume during the 0.69–0.70 range suggests caution is warranted as the price approaches key resistance levels.
Fibonacci Retracements
Fibonacci levels drawn from the 0.677 low to the 0.715 high identified key retracement levels at 0.688 (23.6%), 0.694 (38.2%), and 0.702 (50%). Price found support at the 38.2% and 50% levels before consolidating near the 61.8% retracement at 0.708. A break above this level may target 0.715, the prior high.
Synthetix may continue its consolidation near 0.691 in the short term, with a potential test of 0.701 resistance. A break above this level could extend the rally, but a failure to hold above 0.688 may lead to renewed selling pressure. Investors should remain cautious as volatility may rise ahead of potential key level tests.
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