Market Overview for Synthetix/Tether USDt (SNXUSDT)

• SNX/USDT declined from 0.716 to 0.696, with a bearish close amid strong intraday volatility.
• Price broke below key support at 0.695, signaling potential for further downside.
• RSI and MACD indicated bearish momentum with overbought conditions easing.
• Volume surged during the 19:45–20:15 ET sell-off, confirming bearish pressure.
• Bollinger Bands expanded, reflecting elevated volatility during the session.

Market Context

Synthetix/Tether USDt (SNXUSDT) opened at 0.716 on 2025-09-10 12:00 ET and reached an intraday high of 0.716 before falling to a low of 0.682. The 24-hour session closed at 0.696 at 12:00 ET today. Total traded volume was 703,828.3 units, with a notional turnover of approximately 493,150.7 USDT. The pair has shown heightened volatility and bearish bias in the past 24 hours.

Structure & Formations

Price declined sharply from 0.716 to 0.682, forming a key bearish breakdown below 0.695. A long bearish candle at 19:45–20:00 ET confirmed the breakdown. Earlier, a bullish engulfing pattern at 01:15–01:45 ET briefly reversed the trend, but it failed to hold. A doji near 0.692 on 2025-09-11 15:45 ET suggested a potential near-term reversal or consolidation.

Indicators & Momentum

MACD turned bearish with a negative crossover, and the histogram showed a widening bearish divergence. RSI fell into oversold territory during the 0.692–0.682 move, but failed to trigger a significant bounce. On 15-minute Bollinger Bands, price traded near the lower band during the low at 0.682, suggesting overextension. Fibonacci retracement levels at 0.695 and 0.689 were key points during the decline.

Volume & Turnover

Volume surged during the 19:45–20:15 ET sell-off, with a single 103,204.5-unit candle confirming the breakdown. Turnover spiked during the same period, with price and volume moving in tandem. A divergence appeared during the 15:45–16:00 ET rebound, where price rose but volume remained muted, suggesting limited conviction in the reversal attempt.

Backtest Hypothesis

The backtesting strategy focuses on short-term bearish setups using RSI and Bollinger Bands. A sell signal would be triggered when RSI dips below 30 while price is near the lower Bollinger Band. A stop-loss is placed above the recent swing high, and a take-profit is set at the nearest Fibonacci 61.8% level. This strategy aligns with today’s bearish action and could have captured the 0.696–0.682 drop.