Market Overview for Synthetix/Tether (SNXUSDT) – 2025-09-14

• Price declined from 0.723 to 0.707 amid increased volume, showing bearish momentum.
• RSI indicates oversold conditions near 30, suggesting potential for a short-term rebound.
• Bollinger Bands show recent tightening followed by a break lower, hinting at a directional move.
• Volume spiked during the downward move but turnover did not confirm the strength of bearish bias.
• Key support at 0.705 and resistance at 0.715 are critical for near-term direction.

Opening Narrative

Synthetix/Tether (SNXUSDT) opened at 0.720 on 2025-09-13 at 16:00 ET and traded as high as 0.724 before falling to a low of 0.705 during the 24-hour period. The price closed at 0.712 as of 12:00 ET on 2025-09-14. The total trading volume was approximately 1,020,464.3, with a notional turnover of 720.85 USDT.

Structure & Formations

The price action over the past 24 hours shows a strong bearish trend, particularly after 01:30 ET, when price broke below key support at 0.710. A significant bearish engulfing pattern formed around 01:30 ET as the candle opened at 0.708 and closed at 0.705. This formation, combined with a long lower wick and increased volume, indicates strong selling pressure. A potential support level at 0.705 may now act as a pivot point, with a bearish continuation likely if it fails to hold. A bullish reversal could be expected if this level is retested and rejected with a strong green candle. A doji formed at 03:30 ET, suggesting indecision at that critical support level.

Moving Averages and Momentum

On the 15-minute chart, the 20-EMA crossed below the 50-EMA into a bearish “death cross” pattern, reinforcing the current downward trend. The 50-period EMA is at 0.714, and the 20-period is at 0.712—both acting as dynamic resistance levels. On the daily chart, the 50-EMA is at 0.718, and the 200-EMA is at 0.722, indicating long-term bearish pressure if the price remains below 0.718 for a sustained period.

MACD & RSI

The MACD turned negative and remains below the signal line, confirming bearish momentum. The MACD histogram has been shrinking, suggesting that the bearish thrust may be losing steam, though it remains intact. The RSI is at 28 as of 12:00 ET, indicating oversold territory. This suggests a potential pullback to the 0.715–0.717 range could be near-term, although a sustained rebound above 0.718 may be needed to confirm a reversal.

Backtest Hypothesis

The backtest strategy described involves entering a short position when price closes below the 50-period EMA on the 15-minute chart and confirming with bearish divergence on RSI. A stop-loss would be placed above the 20-period EMA, while a take-profit target would aim for the next Fibonacci level at 0.698 or a 61.8% retracement from the recent high. This approach aligns with the current bearish setup and could offer a high-probability trade into 0.705 or 0.702 support levels.

Bollinger Bands and Volatility

Volatility increased significantly during the selloff, with the Bollinger Bands widening as the price broke below the 0.710 level. The price has since remained within the bands, but the lower band now sits near 0.705, suggesting that the next test of that level could trigger a rebound or a breakdown. A contraction of the bands is observed in the early morning hours, followed by an expansion after the selloff, indicating a potential shift in momentum.

Volume & Turnover

The most significant volume spike occurred between 01:30 and 01:45 ET when the price dropped from 0.713 to 0.705 on heavy turnover. This was followed by a period of consolidation with reduced volume, indicating exhaustion in the bearish move. However, the lack of a corresponding increase in notional turnover suggests that the volume spike might have been driven by large orders or liquidity sweeps, rather than broad market participation. This divergence between volume and price could hint at a short-term reversal if the price stabilizes near 0.705.

Fibonacci Retracements

Applying Fibonacci retracement levels from the recent high of 0.724 to the low of 0.705, the key levels are as follows:
- 23.6% retracement at ~0.718
- 38.2% retracement at ~0.716
- 50.0% retracement at ~0.714
- 61.8% retracement at ~0.712

The price currently sits near the 61.8% retracement level, which could act as a short-term support zone. A break below 0.712 could signal a retest of the 0.705 level, which is the 100% extension of the Fibonacci sequence and a critical pivot. A failure to break above 0.716 may confirm a continuation of the bearish trend.

Forward Outlook and Risk Consideration

In the next 24 hours, SNXUSDT appears poised to test key support at 0.705. A breakdown below this level may trigger a move toward the 0.698–0.702 range. However, a strong rejection at 0.705 with a bullish engulfing pattern could reverse the trend, leading to a retest of 0.715–0.717. Investors should remain cautious, as high volatility and mixed momentum indicators suggest a period of consolidation could follow a key breakout or breakdown. Risk management remains critical as the market approaches key levels.