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SNX Technical Analysis: Prices Within Triangle Threaten A Downfall Below $2.66

SNX Technical Analysis: Prices Within Triangle Threaten A Downfall Below $2.66


Cryptoknowmics
2022-08-29 13:15:49
SNX Technical Analysis: Prices Within Triangle Threaten A Downfall Below $2.66

SNX price action shows a descending triangle pattern in the daily chart, with the base at $2.68, teasing a downtrend to the $2.20 mark. A bullish reversal in SNX prices from $2.68 struggles to rise above the resistance trendline leading to a descending triangle pattern in the daily chart. Currently, the prices revert from the resistance trendline teasing a potential fall to the $2.68 base. So, will the prices continue to fall with a bearish breakdown of the triangle pattern? Key Points: The SNX price action displays a triangle pattern forming in the daily chart. The daily RSI slope maintains a sideways trend below the halfway line. With a market cap of $677 Billion, the intraday trading volume of Synthetix has increased by 27% to reach $124 Million. Source- TradingView SNX Technical Analysis The SNX prices fell sharply to the $2.68 mark from the supply zone at $4.20, accounting for a 37% drop within a fortnight. However, the price action creates a descending triangle pattern with a lower high formation trend generating a resistance trendline. The bearish crossover of the 20 and 50-day SMA increases the possibility of a downtrend continuation. The bearish breakdown of the triangle pattern will result in a prolonged downtrend to the next support level of $2.20. Conversely, a bullish reversal giving a bullish breakout will retest the 50-day SMA at $3.25. Technical Indicators The RSI slope maintains a sideways trend within the nea...

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