Market Overview for Synthetix/Tether USDt (SNXUSDT)

• Price consolidates between 0.655 and 0.675 with a 24-hour range of 0.656–0.675.
• A bearish correction emerged after a bullish morning push, with a key support at 0.662.
• RSI and MACD signal moderate momentum with no overbought or oversold extremes.
• Volatility remains stable, and volume distribution shows consistent flow without divergence.
• Price may retest 0.662–0.665 before a potential breakout or consolidation.

Synthetix/Tether USDt (SNXUSDT) opened at 0.664 on 2025-09-05 at 12:00 ET. The pair reached a high of 0.675 and a low of 0.655 before closing at 0.664 at 12:00 ET on 2025-09-06. Total traded volume was 487,367 and notional turnover was $323,256 over the 24-hour period.

Structure & Formations

The 15-minute chart shows a clear bullish attempt during the early morning hours (ET), with price peaking at 0.675 before a bearish correction emerged. A key support area appears at 0.662–0.665, where the price has found multiple bounces and a bearish engulfing pattern formed at 0.673. A long lower shadow at 0.668 and 0.666 suggests buying interest at these levels. A potential bullish continuation may require a retest of the 0.671–0.673 resistance zone.

Moving Averages

The 15-minute chart shows price oscillating between the 20 and 50-period moving averages, with the 50-period line trending slightly higher. On the daily chart, the 50-period MA is above the 100-period and close to the 200-period, indicating a neutral to bullish bias in the broader context. Price remains above both 50-period and 20-period lines on the 15-minute chart, signaling a potential short-term bullish tilt.

MACD & RSI

The MACD line crossed above the signal line during the bullish morning surge, but has since flattened, reflecting a loss of upward momentum. RSI remains in the 50–60 range, indicating balanced buying and selling pressure without overbought or oversold conditions. A potential divergence is noted in the morning bullish phase, where RSI did not confirm the price highs, suggesting a possible weakening in the upward move.

Bollinger Bands

Volatility remains in a moderate range, with price bouncing between the mid-band and the upper band during the morning rally. A contraction was observed between 0.665 and 0.667 before an expansion into 0.675. Currently, price is hovering near the mid-band, suggesting a possible period of consolidation. A break above the upper band or below the lower band would confirm a directional move.

Volume & Turnover

Volume remains relatively consistent, with no sharp spikes indicating abnormal interest. Turnover also shows no significant divergence from the price movement. A moderate volume increase is observed during the bearish correction below 0.671, suggesting increased participation from sellers. Price and turnover movements are generally aligned, reinforcing the likelihood of a continuation pattern.

Fibonacci Retracements

On the 15-minute chart, the key Fibonacci levels at 38.2% (0.669) and 61.8% (0.665) show price hesitation and possible support/resistance points. A move below 0.665 may target 0.657 as a deeper retracement level. The 61.8% level appears to be a strong area for consolidation, with price finding support and resistance multiple times during the day.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a breakout above the 0.667–0.671 resistance zone, with stop-loss placed below 0.662 and a take-profit at 0.675. Alternatively, short positions could be entered on a breakdown below 0.662 with stops above 0.665. These entries align with the current Fibonacci and candlestick structure, as well as with the MACD and RSI dynamics observed.