Market Overview for Synthetix/Tether (SNXUSDT): 24-Hour Analysis

• Price fluctuated between $0.657 and $0.674, closing near the upper end of the range.
• Volume surged after 05:00 ET, coinciding with a bullish breakout above key resistance.
• RSI suggests overbought conditions, with a potential pullback looming.
• Volatility expanded in the latter half of the session, indicating increased market participation.

At 12:00 ET − 1, Synthetix/Tether (SNXUSDT) opened at $0.667, reached a high of $0.674, and closed at $0.674 at 12:00 ET. The 24-hour range was $0.657 to $0.674, with total volume of 451,102.1 and turnover of $295,233.

Structure & Formations

The price formed multiple bullish patterns, including a morning star and a bullish engulfing pattern around 05:15–05:45 ET. Key support levels emerged at $0.668 and $0.665, while resistance levels at $0.672 and $0.674 were successfully tested and held. A doji at $0.669 indicated indecision before the late-session breakout.

Moving Averages

On the 15-minute chart, the 20-EMA crossed above the 50-EMA, signaling a potential short-term bullish bias. On the daily chart, the 50-EMA is crossing above the 100-EMA, hinting at a positive trend reversal if the current bullish momentum persists.

MACD & RSI

The MACD line crossed above the signal line around 05:00 ET, reinforcing the bullish momentum. RSI reached an overbought level of 73, suggesting a possible near-term pullback. A retest of $0.670–$0.672 could confirm whether the uptrend is sustainable.

Bollinger Bands

Volatility expanded late in the session, with the bands widening and the price closing near the upper band at $0.674. This indicates heightened optimism and a potential for consolidation or a retest of key support before a new leg higher.

Volume & Turnover

Trading activity surged significantly after 05:00 ET, with over $100,000 in turnover during the breakout phase. Volume and price moved in tandem, confirming the strength of the upward move. No major divergence was observed between price and volume, which supports the continuation of the current trend.

Fibonacci Retracements

From the recent swing low at $0.657 to the high at $0.674, the key Fibonacci levels of 61.8% (~$0.666) and 38.2% (~$0.669) were tested. The price held above the 50% level ($0.665), suggesting strong buyer interest. A break above $0.676 could trigger further Fibonacci extensions.

Backtest Hypothesis

A potential backtest strategy would focus on entering long positions during confirmed bullish engulfing patterns, combined with a 20-EMA/50-EMA crossover on the 15-minute chart. A stop loss would be placed just below the 61.8% Fibonacci level (~$0.666), and take profit targets would align with the upper Bollinger Band and key resistance at $0.674–$0.676. This approach leverages both price action and moving average convergence to manage risk while capitalizing on momentum.