- Synthetix (SNX) experienced a significant decline in price from its peak.
- SNX has maintained a positive performance with a growth of over 2%.
- SNX continues to trade below significant price thresholds, potentially indicating a downward trend.
According to CoinMarketCap, Synthetix (SNX) experienced a significant decline in price from its peak of $2.90 within the past few hours. As a result, the cryptocurrency was traded at $2.73 at the time of reporting, indicating a notable hourly decrease of 3.05%. However, despite this recent downturn, SNX has managed to maintain a positive performance, with a growth of over 2% within the last 24 hours.
SNX continued to exhibit a favorable performance compared to the dominant cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). Currently, SNX witnessed a 2.49% increase against BTC and a more than 3% surge against ETH, the leading alternative digital asset in terms of market capitalization. Consequently, the value of 1 SNX stood at 0.00009029 BTC and 0.001418 ETH.
Should the current selloff persist, SNX could potentially retest its 24-hour low of $2.66 before the conclusion of today’s trading session. Additionally, it is worth noting that the daily trading volume for SNX has experienced a significant decline of 68.22% at the time of writing, with the total volume hovering just above $126 million.
During the last 2 hours, SNX experienced a significant price decline, breaching several crucial support levels. The altcoin’s recent selloff resulted in the loss of support at $2.787 and $2.741. At present, SNX continues to trade below these significant price thresholds.
A potential scenario in the crypto market is that if SNX’s price closes below $2.741 per hour, it could continue its downward trend and possibly test the next important support level at $2.687 within 4 hours. However, it is worth noting that the previous hourly candlestick formed a bullish pattern called a shooting star candlestick. If this pattern is confirmed, it could indicate a potential reversal, leading to SNX reclaiming the $2.687 support level.
Sustained buying momentum can drive the altcoin’s price above the mentioned $2.741 level within 24 hours. Conversely, if the price falls below $2.687, SNX might decline to $2.645.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
