Market Overview for Synthetix/Tether (SNXUSDT)

Summary
• Price declined from 0.512 to 0.483 amid increased volume and bearish momentum.
• Key support tested near 0.48–0.49, with RSI indicating oversold conditions.
• Volatility expanded, with price breaking below key Bollinger Band thresholds.
• A bearish engulfing pattern formed near 0.503–0.501, signaling potential continuation.
• Volume spiked during the 0.49–0.489 decline, confirming bearish bias.

Synthetix/Tether (SNXUSDT) opened at 0.512 on 2025-12-06 at 12:00 ET and closed at 0.483 by 12:00 ET on 2025-12-07. The 24-hour high was 0.520, and the low was 0.474. Total volume was 1,299,379.2 and turnover was 680.9 during the period.

Structure & Formations

Price action revealed a bearish bias with a key breakdown below the 0.503 level, confirmed by a bearish engulfing pattern. Support appears to have temporarily held at 0.48–0.49, though further testing could be expected. A 5-minute doji formed near 0.494, indicating indecision and potential reversal risk.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart were both bearish, with price closing below both. Daily averages (50/100/200) remained bearish, reinforcing the short-term and long-term downward trend.

MACD & RSI

MACD turned bearish and remained in negative territory, with a weak histogram confirming fading bullish momentum. RSI reached oversold levels near 30 during the decline to 0.474, potentially signaling short-term stabilization, though the trend remains intact.

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Bollinger Bands

Volatility expanded as price broke below the lower Bollinger Band, reaching as low as 0.474. This suggests increased bearish conviction. A retest of the lower band may provide a short-term bounce, but sustained bearish action is likely without a clear reversal pattern.

Volume & Turnover

Volume increased sharply during the 0.49–0.489 breakdown, confirming the bearish move. Turnover aligned with volume, indicating strong conviction in the downward move. A divergence in volume during the 0.485–0.483 consolidation could suggest waning bearish momentum.

Fibonacci Retracements

On the 5-minute chart, price retested the 61.8% Fibonacci level at 0.496 before breaking down further. On the daily scale, a key 61.8% level at 0.478 appears critical for near-term support. A break below this could target 0.460.

The market appears to favor further downside, with key support levels at 0.48 and 0.478 in focus. However, a short-term rebound may be possible if price stabilizes near the 0.493–0.496 range. Investors should remain cautious, as volatility and momentum indicators still favor a bearish continuation.