Synthetix 24-Hour Market Overview

• Synthetix (SNXUSDT) opened at $0.667 and closed at $0.646 after a volatile 24-hour session.
• A bearish engulfing pattern formed early in the session, confirming a shift in sentiment.
• Volatility spiked with a 15-minute high of $0.672 and a low of $0.640, indicating aggressive trading.
• Momentum turned negative on RSI, with a 61.8% Fibonacci retracement level tested in the final hour.
• Volume surged above 400,000 in the first hour, but faded as price action declined.

Market Overview

Synthetix (SNXUSDT) opened at $0.667 on 2025-08-14 at 12:00 ET and closed at $0.646 on 2025-08-15 at 12:00 ET, with a high of $0.672 and a low of $0.640. The total traded volume was approximately 800,000 tokens, with a notional turnover of ~$510,000.

The session started with strong bearish pressure, marked by a 15-minute bearish engulfing pattern and a sharp decline in the first hour. A key support level of $0.645 was tested and held, with a 61.8% Fibonacci retracement from the initial high acting as a short-term floor. Momentum indicators showed a rapid RSI divergence, indicating overbought conditions early in the session followed by oversold territory later.

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below price, signaling bearish momentum. MACD turned negative and formed a bearish crossover, reinforcing the downward bias. Bollinger Bands widened significantly during the initial decline, pointing to increased volatility.

Volume and turnover spiked during the morning hours, particularly between 03:30 and 06:30 ET, with a final hourly volume of 80,937.5 tokens. Notional turnover dropped in the final four hours, suggesting reduced liquidity and a potential consolidation phase.

Key Technical Levels

Key support levels for the next 24 hours include $0.645 (tested and held), $0.639 (next Fibonacci level), and $0.633 (previous intraday swing low). Resistance is expected at $0.660 (previous pivot), $0.670 (recent high), and $0.676 (swing high). A doji formed near $0.666 in the mid-session, suggesting potential hesitation in bearish momentum.

Looking ahead, traders may watch for a break below $0.645 for deeper bearish movement or a rebound to test the 50-period moving average. However, thin volume in the final hours raises the risk of a false break or a choppy consolidation phase. Investors should remain cautious, as volatility and large swings remain a key feature of SNXUSDT in the short term.