The past month has been positive for SNX (Synthetix). In the past week, SNX price grew from approx. $16 to $23 – a 44% surge. In the past 24 hours, SNX price fluctuated between $19.85-$24.25. As of February 5, 2021, SNX closed at $23.61. It also underwent a ‘Bellatrix’ update that makes sell-offs easier for DeFi users. https://ift.tt/3pX7iVY Predictions for SNX Ahead Currently, SNX is trading at $20.84. The price has decreased from the opening price of $23.61. The A/D indicator is rising rapidly indicating that buying pressures are high. There is a bullish divergence. Hence, the price pullback may be temporary and the price will start ascending again. The RSI indicator is at 45%. Three hours back, it had dropped below 30% into the ‘oversold’ region. Thereafter, it started rising again. This implies that even though presently selling pressures are high, buying pressures may gradually overtake them. Hence, the price downtrend may reverse soon. The MACD and signal lines are below the zero line and hence negative. This is indicative of a price downtick. However, a bullish crossover by MACD line over signal line implies that price corrections are occurring. They are also slowly moving near the zero line. They may cross above the zero line and become positive soon. Thus, the trend will probably reverse. The OBV indicator is falling implying selling activity by whales is high. Thus, the price may fall further. The AO indicator is also negative implying high shorting activity. But, the ‘sell’ signals are becoming weaker as AO is approaching closer to the zero line. Soon, the AO indicator will also turn positive implying an impending trend reversal. The ADX indicator is falling and so is the price. Thus, the price downswing may continue for sometime as the bearish momentum is strong. The SMA and EMA lines are below the price line. Thus, presently, the market is bearish. Currently, the price is below the Fibonacci pivot point of $22.57. It has fallen below the first Fibonacci support level of $20.88. If the price falls below the second support level of $19.85, then the bearish trend is strong. But with strong trend reversal signs given by many indicators, we can expect a price uptrend by the end of the day. The price may close above the first Fibonacci resistance level of $24.25. We can then expect the price uptrend to continue tomorrow as well.
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