Market Overview: Synthetix (SNXUSDT) 24-Hour Technical Summary
3min read
Aime Summary• Synthetix (SNXUSDT) opened at $0.698 and closed at $0.690, with a 24-hour high of $0.715 and low of $0.677.
• Price formed a bearish engulfing pattern near the high, signaling a shift in momentum.
• Volatility expanded in early hours, with a sharp drop from $0.715 to $0.686 in 2.5 hours.
• RSI entered oversold territory below 30, suggesting potential for a short-term bounce.
• Turnover surged during the morning dip, confirming bearish sentiment.
Synthetix (SNXUSDT) opened at $0.698 on July 18 at 12:00 ET, surged to a 24-hour high of $0.715, then declined to a low of $0.677 before closing at $0.690 at 12:00 ET on July 19. Total volume for the 24-hour window was approximately 3,090,185.3 units, with a notional turnover of around $2,145,777.00.
Structure & Formations
Price action began with a bullish consolidation phase in the early hours of July 18, with a high of $0.715 reached at 04:15 AM ET. Shortly after, a bearish reversal emerged, marked by a large bearish engulfing candle between $0.715 and $0.686. This pattern suggests a potential short-term top. Key support levels emerged at $0.690 and $0.686, with $0.677 acting as a critical floor. A doji formed at $0.697, indicating indecision at the 24-hour midpoint, followed by a clear break below key moving averages.
Moving Averages
On the 15-minute chart, the 20-period and 50-period moving averages were both breached below $0.690, confirming bearish momentum. On the daily chart, the price is below the 50, 100, and 200-day moving averages, reinforcing a medium-term bearish bias.
MACD & RSI
The MACD crossed below the signal line around the time of the bearish engulfing candle, confirming a shift in momentum. RSI fell to an oversold level of around 29 by early afternoon on July 19, suggesting a potential short-term bounce, though not a reversal.
Bollinger Bands
Volatility expanded significantly during the morning selloff, with price dropping from the upper band to below the middle band within 2.5 hours. The bands have since contracted slightly, indicating a possible consolidation phase. Price remains below the 20-period Bollinger band, which could signal continuation of the downtrend.
Volume & Turnover
Volume spiked during the morning dip, particularly between 01:00 and 03:00 ET, with large notional turnover aligning with the price decline. This confirms bearish conviction during that phase. However, volume has since moderated, suggesting a potential exhaustion of short-term sellers.
Fibonacci Retracements
On the 15-minute chart, the drop from $0.715 to $0.686 aligns with a 61.8% Fibonacci retracement level at around $0.692, where the price briefly found support. A 38.2% retracement level is currently at $0.699, which could serve as a near-term resistance if the price bounces.
Synthetix may find support near $0.686–$0.690 in the next 24 hours, with a potential bounce into $0.695–$0.700 if RSI overbought levels are tested. However, a break below $0.686 could extend the correction lower, with $0.677 acting as a key psychological level. Investors should remain cautious of macro-driven volatility in the broader crypto market.
Comments
No comments yet