• The Synthetix price prediction reveals that SNX may begin to form higher as the bears may soon lose grip over the coin.
• SNX/USD is hovering above the 9-day and 21-day moving averages while the $2.0 support level remains the critical support where the price has been holding for some time now.
• The Synthetix price may continue to rise and could probably cross the channel if the bulls could hold the $2.2 level.
The Synthetix (SNX) price prediction reveals that the coin may soon be on the path to recovery as the bearish trend appears to be losing its grip. The coin has been trading within a channel for the past few days, with the $2.0 level being the important support for the coin. As of now, the coin is hovering above the moving averages and is making a move to break out of the channel.
The Synthetix price prediction reveals that the bulls are beginning to show some strength and if they can hold the $2.2 level, the coin could continue to rise and eventually break out of the channel. This could see the Synthetix price reach the potential resistance levels at $2.8, $3.0, and $3.2. On the other hand, if the bears take control and push the price below the 9-day moving average, the coin could drop to the support levels of $1.6, $1.4, and $1.2.
At the time of writing, the Synthetix market cap is around $567.6 million with a circulating supply of 249.9 million SNX and a total supply of 312.5 million SNX. The coin is currently ranked 70th on CoinMarketCap, with a 24-hour trading volume of $2.5 billion. Looking at the SNX/USD chart, it appears that the coin is slowly moving higher and if the bulls can hold their ground, the coin could soon be on the path to recovery.