SNXUSDT Bounces Near $0.294 as RSI Hits Oversold

Summary
• Price action shows bullish divergence with RSI suggesting potential rebound from $0.292 support.
• Volatility remains elevated, with recent Bollinger Band expansion indicating increased market uncertainty.
• A bearish engulfing pattern forms at $0.298–$0.301 range, suggesting short-term bearish pressure.
• On-balance volume confirms declining prices as turnover rises on downside moves.
• 50-period MA (5-min) dips below 20-period MA, indicating short-term bearish bias.

Market Overview

Synthetix/Tether (SNXUSDT) opened at $0.298 on February 6 at 12:00 ET, reached a high of $0.307, a low of $0.291, and closed at $0.294 on February 7 at 12:00 ET. Total 24-hour volume was 2.58 million, with $755,000 in turnover.

Structure & Formations

Key support is forming at $0.292–$0.293, where price has bounced multiple times. Resistance is currently at $0.302–$0.305, marked by a bearish engulfing pattern and a failed rally attempt. A bullish hammer appears at $0.294, suggesting potential reversal.

Moving Averages

On the 5-min chart, the 20-period MA (0.298) is above the 50-period MA (0.296), indicating short-term bearish momentum. The daily chart shows the 50-period MA (0.295) above the 200-period MA (0.290), suggesting a broader sideways-to-bullish bias.

Momentum & Volatility

MACD shows bearish divergence, with the line crossing below the signal line near $0.295. RSI is approaching oversold territory (~35), signaling possible near-term bounce. Bollinger Bands are wide, indicating heightened volatility, with price currently near the lower band.

Volume and Turnover

Volume and turnover both spiked on the downward moves below $0.300, confirming bearish conviction. Divergence between price and volume is not present, suggesting price moves are well-supported by on-chain activity.

Fibonacci Levels

Fibonacci retracement levels from the recent high of $0.307 to low of $0.291 show 38.2% at $0.299 and 61.8% at $0.294. Price has consolidated near the 61.8% level, which may act as short-term support or pivot.

The price may test the $0.292 support level again over the next 24 hours, potentially finding a floor or breaking lower. A rebound above $0.300 could signal a resumption of bullish momentum. Investors should remain cautious around $0.294–$0.295, where key Fibonacci and moving averages align.