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

• Price action on SNXUSDT broke above 0.690 amid a bullish breakout in the final 3 hours.
• Momentum accelerated with a 0.690–0.703 range expansion, followed by a pullback into 0.685–0.689.
• Volume surged over 90k units in the 6:00–7:30 ET window, confirming a strong reversal.
• Bollinger Bands expanded as volatility spiked, while RSI remained in overbought territory.
• A 15-minute bullish engulfing pattern formed at 0.685–0.689, indicating short-term bullish bias.

Synthetix/Tether (SNXUSDT) opened at 0.688 on 2025-09-20 12:00 ET and closed at 0.679 on 2025-09-21 12:00 ET, reaching a high of 0.703 and a low of 0.677. The 24-hour volume totaled 1,020,756.8, with a notional turnover of $702,325.08.

The price action over the last 24 hours displayed a complex mix of bullish and bearish impulses. A strong rally from 0.685 to 0.703 occurred between 6:00 and 7:30 ET, supported by a volume spike of over 90,000 units. This upward thrust coincided with a breakout above the upper Bollinger Band, signaling increased volatility. However, the momentum stalled after hitting 0.703, and the asset corrected into a key consolidation range between 0.685 and 0.689. A bullish engulfing pattern emerged at the lower end of the range, indicating potential short-term strength. Meanwhile, RSI remained in overbought territory for much of the rally, suggesting a possible near-term correction.

Key support levels were identified at 0.685 (50% Fibonacci retracement of the 0.685–0.703 rally), 0.682 (61.8% level), and 0.679 (low of the session). Resistance levels stood at 0.691 (38.2% retracement), 0.695 (session high), and 0.703 (peak). The 20-period and 50-period moving averages on the 15-minute chart intersected near 0.688, forming a dynamic pivot point. The MACD showed a narrowing histogram during the consolidation phase, signaling waning momentum.

The 15-minute volatility cycle showed a distinct expansion between 6:00 and 7:30 ET, followed by a contraction during the afternoon hours. Price hovered near the lower Bollinger Band for most of the session, with a brief retest of the upper band during the rally. Turnover and volume were tightly aligned, with no major divergence observed. The 50-period moving average on the daily chart crossed above the 200-period line during the early morning, reinforcing a longer-term bullish bias.

Backtest Hypothesis

A backtesting strategy could target the bullish engulfing pattern at 0.685–0.689 in conjunction with a MACD crossover above the signal line, confirmed by a volume surge. A long entry could be placed near the open of the breakout candle, with a stop loss below 0.682 and a take profit at 0.695. This approach would aim to capitalize on short-term bullish momentum while limiting risk during the consolidation phase. The strategy may be enhanced by adding a Fibonacci retracement filter, entering only when price breaks above 0.688 with a 38.2% retracement confirmation.