Following the long-term consolidation in 2023, Synthetic makes a stellar comeback like a phoenix rising from its ashes. The SNX price bouncing from the $1.44 support challenges the overhead resistance of the consolidation range and teases an upside break in Synthetix.
However, with the week starting as a pullback for the entire market, the Synthetix sellers grab the opportunity and challenge the uptrend. Further, with a Doji formation, the SNX sellers stand against the bullish SNX price prediction.
Source – Tradingview
With the Bollinger bands maintaining a strict sideways trend, the bulls awaited the overall market recovery to skyrocket the SNX price. With the help of the Uptober rally, the Synthetix market value has increased by 135% within two months to cross $4.
Concluding the long-term struggle between bulls and bears to regain trend control, the Synthetix trend reversal leads to more gains. However, the Fibonacci retracement levels reflect the bullish comeback fain resistance at 23.60% and warn of a setback in SNX price.
Currently, the intraday loss puts the SNX trading value at $4.220 and the long-range Doji candle, teasing a potential evening star pattern. Therefore, the chance of a bearish revival for Synthetix increases, considering the sellers manage to pull off a reversal pattern like evening star at the overhead resistance.
Technical Indicators:
MACD Indicator: The MACD and signal lines maintain a positive trend in the weekly chart, with a significant rise in bullish histograms.
Will SNX Price Sustain Above $4?
The possibility of an SNX price crossing above the $4 mark increases as the overall trend remains positive. Moreover, the market sentiments showcase a rise in FUD, which may result in a more profound recovery for Synthetix.
As per the Fibonacci-based analysis, Synthetix can rise up to the 50% Fibonacci level this month if it crosses the 23.60% level. In short, the SNX price can jump to $7.485, accounting for a 78% jump.
Conversely, an evening star may drive SNX for a retest of the $4 breakout.
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