Market Overview for Synthetix (SNXUSDT): Sharp Selloff and Oversold Indicators

• Synthetix (SNXUSDT) fell 24.3% over the last 24 hours, closing near 0.686 after a sharp selloff from 0.737.
• A bearish engulfing pattern formed near 0.736–0.739, confirming short-term bearish momentum.
• Volatility spiked after 12:00 ET with a 10.5% drop in 4.5 hours, suggesting heightened selling pressure.
• RSI and MACD both show oversold conditions, but divergence between price and indicators raises caution.
• Volume surged during the selloff, confirming the move, but a lack of follow-through buying raises bearish implications.

Synthetix (SNXUSDT) opened at 0.724 on 2025-07-22 12:00 ET, reached a high of 0.740, a low of 0.672, and closed at 0.686 by 2025-07-23 12:00 ET. Total volume was 1,782,658.6, and notional turnover reached $1,274,316.76.

Structure & Formations

The 15-minute chart shows a bearish engulfing pattern near 0.736–0.739, followed by a sharp breakdown to 0.672. Key support levels emerged at 0.710–0.715 and 0.670–0.675, both showing strong rejection. Resistance levels at 0.730 and 0.740 failed to hold during the breakdown, suggesting short-term bearish bias. A doji formed near 0.705, hinting at potential near-term consolidation or reversal.

Moving Averages

On the 15-minute chart, price closed below both the 20 and 50-period moving averages, reinforcing bearish momentum. Daily moving averages (50/100/200) are likely aligned bearishly, with SNXUSDT trading well below all three, signaling a strong downtrend in both timeframes.

MACD & RSI

The 15-minute MACD line crossed below the signal line, confirming bearish momentum. RSI is in oversold territory at ~28, but divergence is forming as price continues to fall while RSI fails to drop further. This could signal a potential bounce, but the strength of the sell-off may override the typical oversold bounce pattern.

Bollinger Bands

Volatility expanded significantly after 12:00 ET, with price breaking below the lower Bollinger Band. This expansion confirms the strength of the selloff and suggests a continuation of the trend unless a strong bullish reversal occurs. Price remains near the lower band, indicating a high degree of bearish control.

Volume & Turnover

Volume spiked during the selloff, especially between 12:45 and 14:00 ET, confirming the move lower. Notional turnover rose in tandem, suggesting coordinated selling pressure. Divergence between price and volume is minimal, supporting the bearish case. However, the lack of follow-through buying after the drop suggests weak demand at current levels.

Fibonacci Retracements

On the 15-minute chart, the breakdown from 0.737 to 0.672 aligns with a 61.8% Fibonacci retracement level. This suggests the move could continue to the 78.6% level around 0.645 before facing potential support. Daily retracement levels also support a bearish outlook, with the 61.8% level near 0.625 emerging as a key watchpoint.

In the next 24 hours, SNXUSDT may test 0.645–0.650 as a critical support zone, with a potential bounce or further breakdown dependent on volume and order flow. Investors should remain cautious, as the current bearish momentum appears strong, and a lack of immediate buying could lead to a test of 0.625.