
Synthetix Token Expands Weekly Profits By Adding Another 6% On Tuesday
Token trades below the downtrend line
The bears may try to force a correction if buyers fall below $2.0.
Synthetix token price (SNX/USD) started an accelerated recovery on Tuesday, rising 6% during the day. The value of his token has increased by double digits over the past week. This is a recovery from the November low of $1.57. The cryptocurrency was trading at $1.91 at the time of writing. Is it too early to do bruchor?
Essentially, SNX is gaining bullish momentum as crypto sentiment improves slightly.many Cryptocurrency It has traded green over the past week despite a slight drop over the past 24 hours. However, the SNX recovery faces a snag as the cryptocurrency is heading for resistance at the downtrend line.
SNX meets resistance at downtrend line
SNX technical indicators are bullish. Despite remaining in the bearish zone, the MACD indicator has started a bullish crossover. The RSI is showing momentum gaining, reading above the 50 mid-level. This suggests a high demand for SNX.
SNX buyers are currently facing a test at the downtrend line. This should match the $2 price and means the bull can maintain control for at least a day or he can for two days.
Overview of SNX
SNX buyers may be able to maintain control, but for now the bulls have to overcome the bears on the downtrend line. The price is already facing a correction as it approaches the key dynamic resistance level.
$2.7 is the next potential resistance on the SNX if the bulls recover above the critical zone. Conversely, a refusal at the downtrend line could see the SNX return to the $1.5 bottom.
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