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Market Overview: Synthetix (SNXUSDT) – 24-Hour Technical Summary (2025-07-27)
TradeCipherSunday, Jul 27, 2025 7:55 pm ET
3min read
Aime SummarySNX Trend
Synthetix (SNXUSDT) opened at $0.65 on 2025-07-26 at 12:00 ET and reached a high of $0.665 and a low of $0.646 before closing at $0.658 on 2025-07-27 at 12:00 ET. The 24-hour notional volume was $1,346,873 with a total turnover of $138,456.
Summary
• Price formed a bullish engulfing pattern near $0.646, suggesting short-term support.
• RSI reached oversold territory early in the session, then reversed into overbought, indicating strong buying momentum.
• Volatility expanded in the early morning hours, with a sharp break above $0.66.
• Bollinger Bands widened as price moved toward the upper band, signaling a potential continuation of the trend.
• Volume surged in the 03:00–06:00 ET window, confirming the breakout above $0.66.
Structure & Formations
SNXUSDT showed a strong consolidation phase between $0.646 and $0.653 in the early part of the session, followed by a decisive breakout above $0.66. A bullish engulfing pattern formed around $0.646, reinforcing the idea of strong support. The price then moved into a higher volatility phase, forming a series of higher highs and higher lows. A key resistance level emerged at $0.665, which was briefly tested but not decisively broken. A potential resistance zone could now be forming near $0.67, with a key support level at $0.65.
Moving Averages
On the 15-minute chart, the price closed above both the 20-period and 50-period moving averages, indicating a bullish bias in the short term. The daily chart showed the price trading above the 50-day and 100-day moving averages, with a clear upward tilt. The 200-day MA provided a strong baseline for trend confirmation, suggesting the broader uptrend remains intact.
MACD & RSI
The MACD showed a strong positive crossover in the early morning hours, confirming the breakout above $0.66. The histogram expanded as bullish momentum increased, peaking around 05:00 ET. RSI reached oversold levels near $0.646, then surged into overbought territory above $0.66, suggesting the move was driven by strong buying pressure. However, RSI’s overbought condition could signal a potential pullback in the near term.
Bollinger Bands
Volatility increased sharply in the early morning as the price broke out above $0.66. Bollinger Bands expanded in response, and the price pushed toward the upper band. The move into the upper band suggests continued bullish momentum, but a reversal or consolidation is possible if the price fails to break above $0.665. The lower band acted as support earlier in the day, reinforcing the $0.646–$0.653 range as a key area for potential retracements.
Volume & Turnover
Volume spiked dramatically between 03:00 and 06:00 ET, coinciding with the breakout above $0.66. The highest volume candle recorded $88,649 in notional value, confirming the strength of the move. Turnover also rose sharply during this period, aligning with the price action. However, a divergence appeared in the late morning when volume declined despite continued price gains, suggesting a potential exhaustion of buying pressure.
Fibonacci Retracements
Applying Fibonacci retracements to the recent swing from $0.646 to $0.665, the 38.2% level is at $0.654 and the 61.8% level is at $0.659, both of which were tested during the session. The price found support at the 61.8% level and pushed higher, suggesting that the 78.6% level at $0.664 may be the next target. If the price pulls back, the 50% level at $0.655 could serve as a key support.
Looking ahead, SNXUSDT appears to be in a strong short-term bullish phase, supported by volume and momentum. A break above $0.665 could target $0.67, but traders should watch for a pullback to the 61.8% Fibonacci level at $0.659 as a potential entry or consolidation point. However, a failure to hold above $0.655 could signal a reversal, so investors should remain cautious.
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