Market Overview: Synthetix/Tether (SNXUSDT) – 24-Hour Breakdown

• Price for SNXUSDT surged 2.3% in 24 hours, peaking at $0.708 before consolidation.
• Momentum indicators show bullish divergence as RSI climbed to 58 with expanding volume.
• Volatility expanded post 19:00 ET with price breaking above a key 0.697 resistance level.
• Bollinger Bands show moderate expansion, with price near the upper band at close.
• A bullish engulfing pattern formed around 19:30 ET, suggesting continued upward bias.

24-Hour Price Summary

At 12:00 ET–1 on 2025-09-17, SNXUSDT opened at $0.668 and reached a high of $0.708 by 14:30 ET on 2025-09-18. The pair closed at $0.706 at 12:00 ET on 2025-09-18, marking a 2.3% gain. Total traded volume was 1,625,926.4, and notional turnover amounted to $1,151,765. A strong volume spike around 19:30 ET preceded a breakout above key resistance, with a bullish continuation expected if support at $0.697 holds.

Structure and Formations

A bullish engulfing candle emerged at 19:30 ET, confirming a short-term reversal. Price tested and held above 0.697, suggesting a potential continuation to 0.72. A consolidation phase is now forming between 0.70 and 0.71. A doji at 00:15 ET on 2025-09-18 marked a minor pullback, but buyers regained control. Key support levels are at 0.695 and 0.685, while resistance remains at 0.708 and 0.72.

Moving Averages and Momentum

On the 15-minute chart, the 20SMA and 50SMA crossed above 0.697 in a golden cross formation, reinforcing the bullish bias. The 200-period daily SMA at 0.682 remains a critical support line. RSI climbed to 58, indicating strong momentum without overbought conditions, while MACD (12,26,9) showed a positive crossover, suggesting potential continuation of the upward trend.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly between 19:30 ET and 22:00 ET, with the price consistently trading near the upper band. This expansion indicates heightened volatility and a potential breakout scenario. A contraction is expected in the next 24 hours if the price stabilizes, signaling a possible consolidation phase. The current price of $0.706 is positioned just below the upper band, suggesting a continuation of the bullish trend may occur.

Volume and Turnover Analysis

Volume spiked sharply between 19:30 ET and 22:30 ET, with the highest 15-minute bar showing 168,873.9 units traded. Notional turnover increased in tandem, confirming the bullish breakout. However, divergence appears after 05:00 ET on 2025-09-18, where volume declined despite price moving higher—suggesting a potential exhaustion phase. Continued strength above 0.697 is essential for maintaining confidence in the rally.

Backtest Hypothesis

A potential strategy could involve entering a long position at the close of the bullish engulfing candle (19:30 ET) with a stop-loss just below 0.697 and a take-profit at 0.71. Given the MACD crossover, RSI momentum, and Bollinger Band expansion, a backtest of this approach over the past 30 days would likely show a positive expectancy. The 15-minute timeframe offers sufficient resolution to capture short-term volatility while minimizing overnight risk, making it a viable setup for scalp traders.