Market Overview for Synthetix (SNXUSDT): 24-Hour Technical Breakdown
2min read
Aime Summary• Price declined from 0.767 to 0.72, forming a bearish trend with key support at 0.72–0.719.
• RSI and MACD signal bearish momentum, with RSI near oversold territory.
• Volatility expanded during the 08:15–10:00 ET window, coinciding with a sharp drop to 0.713.
• Bollinger Bands show price consolidation near the lower band, indicating weak short-term sentiment.
• Volume spiked during the selloff, with turnover exceeding 118k at the 08:15 ET candle.
Synthetix (SNXUSDT) opened at 0.767 on 2025-07-21 at 12:00 ET and closed at 0.72 on 2025-07-22 at 12:00 ET. The pair reached a high of 0.768 and a low of 0.713 during the period, with total volume of 1,411,282.2 and a notional turnover of approximately $1,079,200 (assuming 1 USDT = $1).
Structure & Formations
The price action formed a clear bearish trend over the 24-hour period, with key support levels emerging at 0.72–0.719. A strong bearish engulfing pattern was visible around the 08:15 ET candle as the price gapped down from 0.72 to 0.713. A doji appeared near 0.713–0.714, suggesting potential short-term hesitation in the downtrend. Resistance levels are currently forming at 0.725–0.73 and 0.74–0.745, with the latter being a critical psychological level for near-term buyers.
Moving Averages
On the 15-minute chart, the price closed below both the 20-period and 50-period moving averages, reinforcing bearish momentum. The 50-period MA is currently around 0.732–0.735, while the 100- and 200-period daily MAs are likely positioned around 0.74–0.75, suggesting the 0.74–0.75 range could become a battleground for near-term buyers.
MACD & RSI
The MACD line crossed below the signal line earlier in the session, confirming bearish momentum. The RSI dipped into oversold territory around 0.713–0.716, suggesting a potential short-term bounce, though this is not a guaranteed reversal. The divergence between price and RSI remains weak, with the RSI showing limited recovery despite a brief bounce from 0.713 to 0.724.
Bollinger Bands
The price spent much of the session near the lower Bollinger Band, with volatility expanding during the sharp decline to 0.713. This indicates a period of increased bearish pressure and weak short-term sentiment. A consolidation phase is likely as the price trades within the bands, with a potential for a rebound if the 0.72–0.725 range holds.
Volume & Turnover
Volume surged during the 08:15–10:00 ET window, coinciding with the sharp drop to 0.713, with turnover peaking at 118k at 08:15 ET. The high volume during the selloff confirms bearish conviction, while the subsequent volume has remained relatively subdued, suggesting a lack of follow-through buying. A divergence between price and volume could signal weakening bearish momentum.
Fibonacci Retracements
Applying Fibonacci retracements to the recent 15-minute swing from 0.768 to 0.713, the 61.8% retracement level is near 0.732–0.735, which aligns with the 50-period MA. This level could serve as a potential support/resistance pivot. On the daily chart, the 38.2% and 61.8% retracements of the broader move from 0.768 to 0.713 are positioned around 0.74 and 0.726, respectively, with the latter currently acting as a minor support.
Synthetix may test the 0.72–0.719 support zone in the next 24 hours, with a possible bounce if buyers step in. However, a break below 0.713 could extend the correction toward 0.70–0.705. Investors should remain cautious as volatility and bearish momentum remain elevated.
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