Synthetix (SNXUSDT) Market Overview: Volatility and Bearish Consolidation

• Synthetix (SNXUSDT) ended 24 hours near $0.639, down from a high of $0.670 amid bearish consolidation.
• Key support appears near $0.642-0.639; resistance remains in $0.664-0.668 cluster.
• Volatility expanded midday, with volume surging to $66,454 at peak, suggesting renewed short-term interest.
• RSI approached oversold territory by close, hinting at potential near-term rebound.
• Price action shows bearish divergence on volume in final 4 hours, suggesting weak follow-through.

Market Overview

Synthetix (SNXUSDT) opened at $0.661 on 2025-08-20 at 12:00 ET, reaching a 24-hour high of $0.670 before closing at $0.639 on 2025-08-21 at 12:00 ET. Total volume was 664,540 SNX, and turnover amounted to $436,819, with notable activity in the midday to afternoon hours.

Structure & Formations

Price action showed multiple bearish setups, including a large bearish engulfing pattern at 03:15–03:30 ET and a potential bearish harami at 22:45–23:00 ET. A strong support level appears to have formed around $0.642–0.639, where the price bounced off twice during the last 4 hours. A key resistance zone remains in the $0.664–0.668 range, where the asset met recurring selling pressure.

Moving Averages

On the 15-minute chart, price has closed below both the 20-period and 50-period moving averages, reinforcing a near-term bearish bias. While the 20-period MA is trending downward, the 50-period MA shows a slightly slower decay, indicating that a retest of the $0.650–0.655 zone may be in order if buyers manage to push through the $0.648–0.650 pivot area.

MACD & RSI

The MACD line has remained negative for the majority of the 24-hour period, with bearish crossovers reinforcing downward momentum. RSI dipped below 30 in the final hour, signaling potential oversold conditions. This may encourage short-term buying, though without a corresponding volume spike, it is unclear if this will translate into a meaningful reversal.

Bollinger Bands

Volatility expanded during the midday hours as the price moved away from the lower Bollinger band, reaching as high as the middle band before pulling back toward the lower band at close. This suggests that the market is navigating a period of high volatility, with potential for a rebound from the $0.642–0.639 support level.

Volume & Turnover

Volume spiked sharply after 09:00 ET, peaking at 69,935 SNX (amount: $45,279) during the 09:00–09:15 ET window, as the asset corrected sharply. However, in the final 4 hours, volume failed to confirm further price declines, suggesting bearish momentum may be waning. The notional turnover reached $436,819, indicating moderate activity overall.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $0.639 to $0.670, the 61.8% retracement level is around $0.653, which may serve as a short-term pivot. On the daily chart, the 38.2% retracement is near $0.662, a level that has already been tested multiple times, suggesting potential resistance.

Price could test the $0.648–0.650 level in the next 24 hours if short-term buyers emerge, but a breakdown below $0.639 could target deeper support near $0.625. Traders should remain cautious as momentum appears to be weakening, and divergence in price and volume suggests uncertainty in the near-term direction.