SNX Technical Analysis: Can SNX Holders Remain Dominant At $2?

The SNX Technical Analysis shows the declining trend reaching the $2.2 support zone under a resistance trendline’s influence. The SNX price action displays a bullish reversal from the $2.2 mark coinciding with the 78.60% Fibonacci level. In addition, the recovery rally challenges the long-coming resistance trendline teasing a bullish breakout as the buying pressure increases. So, is it the right time to buy Synthetix at this price? Key Points: The Synthetix price action teases a breakout entry opportunity. The SNX price action shows a double-bottom reversal possibility. The intraday trading volume in Synthetix is $94.31 million. Source – TradingView SNX Technical Analysis The SNX price action displays the declining trend under the influence of a resistance trendline accounting for a price drop of 42% within two months. After breaking multiple support levels, currently, the price takes support at the $2.20 demand zone coinciding with the 78.60% Fibonacci level. At the support confluence, the SNX price action displays a double bottom pattern at $2.20, ready to bounce the prices back above the resistance trendline. Hence, the sideline traders can find a bullish Breakout entry opportunity shortly. Additionally, the spike in buying pressure supporting the recently formed bullish engulfing candle reflects an improvement in the underlying sentiments. Upon successful trendline breakout, the SNX price action will show an uptrend to the...