Market Overview for Synthetix/Tether (SNXUSDT) on 2025-09-20

• SNXUSDT traded in a tight range for most of the day, ending near 0.679 after a late rally.
• Volatility increased in the last 6 hours, with a key breakout above the 0.684 resistance level.
• RSI suggests overbought conditions near the 70 level, signaling potential pullback risk.
• Volume surged in the final hours, confirming strength in the price move.
• A bullish engulfing pattern emerged in the final 15-minute candle, hinting at possible continuation.

Market Summary and Price Action

Synthetix/Tether (SNXUSDT) opened at 0.686 on 2025-09-19 at 12:00 ET, reached a high of 0.692, dipped to a low of 0.673, and closed at 0.689 at 12:00 ET on 2025-09-20. The pair experienced a total volume of 997,325.9 and a notional turnover of 675,193.24. The price action suggests a consolidation phase followed by a breakout in the late hours, with the 0.685–0.686 zone acting as a critical support and resistance area.

Structure & Formations

The price found support at 0.678 and 0.675 in the early hours before forming a bullish engulfing pattern at the end of the 24-hour period. A doji formed at 0.681 around 19:45 ET, signaling indecision. The 0.685–0.686 zone appears to be a strong psychological level that both buyers and sellers contested multiple times. A bullish pennant pattern may be forming as price consolidates before the final breakout.

Moving Averages and Momentum

On the 15-minute chart, the 20- and 50-period SMAs crossed above the price after 05:00 ET, confirming a bullish bias. On the daily chart, the 50-period SMA sits above the 100- and 200-period lines, reinforcing a longer-term bullish trend. The MACD line crossed above the signal line in the last 4 hours, with the histogram expanding, indicating growing momentum. RSI reached 68–70 in the final 15-minute candles, suggesting overbought conditions and a possible correction.

Bollinger Bands and Volatility

Bollinger Bands expanded in the late hours as volatility increased. Price broke above the upper band at 0.684, suggesting strong buying pressure. The 15-minute bands were tighter earlier in the day, signaling a period of consolidation. Price has now moved to the upper half of the bands, suggesting a possible continuation of the move if the trend holds.

Volume and Turnover

Volume surged sharply after 05:00 ET and remained elevated through the final hours, confirming the upward move. The highest single 15-minute volume spike was at 0.685 (19:45 ET) with 99,732.7 units, aligning with a key support level. Turnover also spiked at the same time, indicating significant capital inflow. Price and turnover are aligned, supporting the bullish view.

Fibonacci Retracements

Applying Fibonacci to the 15-minute swing from 0.673 to 0.692, key levels include 0.681 (38.2%) and 0.678 (61.8%). Price tested the 38.2% retracement at 0.681 in the morning before pushing higher. The 61.8% level at 0.678 acted as a strong support in the afternoon and again in the late hours, with price bouncing off it twice. On the daily chart, the 0.684 level aligns with the 61.8% retracement of the recent bearish swing, reinforcing its importance.

Backtest Hypothesis

The backtest strategy described aims to capitalize on the confluence of a bullish engulfing pattern and a breakout above a key Bollinger Band, with confirmation from a 20-period EMA crossover and RSI moving into overbought territory. The hypothesis would involve entering a long position at the close of the bullish engulfing candle, with a stop loss placed below the recent support level of 0.678 and a take profit at 0.692 (resistance from the morning high). Given the recent price action and indicator alignment, this scenario appears to have a higher probability of success over the next 24 hours, though volatility remains a key risk.