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

• SNXUSDT declined to 0.634 before rebounding with a bullish reversal pattern in the last 6 hours.
• Volatility expanded during the overnight selloff, with volume surging on the 0.632–0.644 range.
• Momentum turned positive near 0.651, with RSI suggesting a short-term oversold rebound.
• Price remains below key 50-period EMA, but 21-period MA on the 15-minute chart is now bullish.
• Bollinger Bands show narrowing during consolidation, followed by a break above the upper band in the final hours.

Market Overview

Synthetix (SNXUSDT) opened at 0.658 on 2025-08-19 12:00 ET and closed at 0.651 by 12:00 ET on 2025-08-20, hitting a low of 0.632 and a high of 0.663. Total volume reached 1,241,130.9, and turnover amounted to $795,012.8.

Structure & Formations

The price action over the 24-hour period reveals a distinct short-term bearish thrust from 0.658 to 0.632, followed by a strong bullish reversal from the 0.632 low. A hammer-like candle at 0.636 and a bullish engulfing pattern around 0.651 suggest potential short-term buyers stepping in. Support appears to have held at 0.632–0.636, while resistance is forming around 0.654–0.658 on the rebound.

Moving Averages

On the 15-minute chart, the 20-period EMA turned up near 0.651, aligning with the price action, while the 50-period EMA remains bearish. On the daily timeframe, the 50-period EMA is likely still above current price levels, indicating a longer-term bearish bias. A crossover between 20 and 50 EMA on the 15-minute chart may confirm near-term bullish momentum.

MACD & RSI

The MACD line crossed above the signal line near 0.64–0.65, indicating a shift in short-term momentum to the bullish side. RSI bottomed near 28 during the selloff, entering oversold territory and suggesting a potential bounce. However, RSI has yet to fully confirm a sustained breakout above 50, implying the move may remain corrective rather than a full reversal.

Bollinger Bands

Volatility expanded during the selloff, with Bollinger Bands widening significantly between 0.632 and 0.646. The rebound saw price close near the upper band at 0.661, indicating strong near-term buying pressure. A potential test of the upper band could confirm a reversal, but a move below the lower band would reinforce bearish bias.

Volume & Turnover

Volume spiked during the bearish thrust overnight, especially between 0.644 and 0.632. Turnover was confirmed by the large volume prints during the sell-off, but a divergence appeared during the rebound: price climbed while volume dipped, suggesting cautious optimism. Strong volume returned during the final 4 hours as price pushed toward 0.661, indicating confirmation for the rally.

Fibonacci Retracements

Applying Fibonacci to the 0.658–0.632 swing, key levels at 0.645 (38.2%) and 0.651 (61.8%) aligned with price consolidation and the recent bullish rebound. These levels acted as both support and entry points for buyers, and further retests may provide trading opportunities.

The near-term outlook for SNXUSDT appears cautiously optimistic, with price action and volume aligning to support a potential bullish correction. However, traders should be mindful of a potential pullback toward 0.645–0.642 if the 0.654–0.658 resistance fails to hold. Risks remain skewed to the downside if key support levels break under 0.64.