Market Overview: Synthetix (SNXUSDT) 24-Hour Technical Review

• Synthetix (SNXUSDT) posted a 24-hour low of $0.681 and closed at $0.682, showing bearish consolidation.
• Momentum shifted from bullish to bearish late in the cycle with a significant RSI drop.
• Bollinger Band contraction early in the session preceded a breakout to the downside.
• Volume surged during key breakdown moments, confirming bearish sentiment.
• A potential test of 0.681 support is expected, with a risk of retesting 0.676–0.680 levels.

Synthetix (SNXUSDT) opened at $0.714 on August 23, 12:00 ET, reaching a high of $0.802 and a low of $0.681 before closing at $0.682 at 12:00 ET. The 24-hour volume totaled 18.9 million contracts, with a notional turnover of approximately $12.6 million, indicating significant market activity.

Structure & Formations

SNXUSDT formed a bearish descending pattern over the 24-hour period, with a notable breakdown below the 0.720 support level. The price tested and failed at 0.720, then continued down to 0.681. A small bullish reversal candle appeared near 0.681, but it was overshadowed by the continued bearish trend. Key resistances lie at 0.720–0.725, while the immediate support appears to be at 0.681, with a potential retest of 0.676–0.680 expected if bearish momentum continues.

Moving Averages

On the 15-minute chart, the 20 and 50-period moving averages are both bearish, with the price closing below both. The daily chart shows the 50, 100, and 200-period MAs converging at around 0.710–0.720, reinforcing the idea of a bearish bias. The price remains below these key averages, indicating ongoing pressure.

MACD & RSI

The MACD turned bearish late in the session, with the histogram showing a sharp contraction in bullish momentum and a shift to bearish territory. The RSI confirmed overbought conditions with a high reading near 80 during the bullish spike, but it dropped below 30 late in the session, suggesting oversold conditions may be forming. A potential rebound is possible, but bearish continuation is still probable unless a strong bullish reversal occurs.

Bollinger Bands

Bollinger Bands showed a period of tightening volatility around the mid-session, followed by a sharp expansion to the downside. The price broke out to the lower band, closing near the band’s lower edge, which signals a high probability of further bearish movement. If the price remains near or below the lower band, the trend is likely to persist.

Volume & Turnover

Volume spiked significantly during the breakdown below key resistance levels, particularly around the 0.720–0.725 area. This confirms bearish conviction among traders. Notional turnover increased in tandem with price declines, supporting the idea of aggressive shorting. However, a divergence in volume and price during the final hours may suggest some short-term uncertainty ahead.

Fibonacci Retracements

Applying Fibonacci retracement to the recent 15-minute high of $0.802 and low of $0.681, key levels include 38.2% at $0.737 and 61.8% at $0.709. The price currently sits just below the 61.8% level at $0.709, and a retest of the 61.8%–38.2% range could trigger a consolidation phase. If bears continue to dominate, the 50% level at $0.742 could become a key psychological battleground.

The next 24 hours may bring a test of key support levels below $0.681. While a rebound near $0.709–0.720 is possible, a sustained bearish move could push SNXUSDT toward $0.675. Investors should remain cautious of further downside volatility and potential short-covering rallies.