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Momentum Reversal? Synthetix’s Heads Down for the First Time in 6 Days

SNX

The Hourly View for Synthetix

  • Currently, SNX’s price is down $-0.08 (-0.59%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
  • Of note is that the 50 hour changed directions on SNX; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Synthetix’s hourly price chart is shown below.

SNX

The Daily View for Synthetix

  • At the time of this writing, SNX’s price is down $-0.22 (-1.61%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Synthetix has now gone up 4 of the past 5 days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between SNX’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in SNX’s price.

Below is a daily price chart of Synthetix.

SNX

The Latest From SNX’s Blockchain

  • Over the past 29 weeks, SNX’s count of active addresses has been in a clear downtrend, falling by about 11.35 per day.
  • SNX’s daily transaction count now stands at 1491.
  • SNX has an average transaction value of 1667.8399, down 12.18% from its value day prior.