The Synthetix price prediction reveals that SNX could form higher as the bears may soon lose grip over the coin.

Synthetix Prediction Statistics Data:

• Synthetix price now – $2.15
• Synthetix market cap – $576.5 million
• Synthetix circulating supply – 268.9 million
• Synthetix total supply – 322.8 million
• Synthetix Coinmarketcap ranking – #60

SNX/USD Market

Key Levels:

Resistance levels: $2.80, $3.00, $3.20

Support levels: $1.60, $1.40, $1.20

SNX/USD is moving to cross above the 9-day and 21-day moving averages while the $2.00 support level remains the critical support where the price has been holding for some time now. However, since a few days ago, SNX/USD has been trading bearishly and this could make the coin cross below the lower boundary of the channel.

Synthetix Price Prediction: Will Synthetix Move Higher?

The Synthetix price may continue to rise and could probably trade near the upper boundary of the channel if the bulls could touch the resistance level of $2.20. Therefore, any further bullish movement toward the upper boundary of the channel may locate the potential resistance levels at $2.80, $3.00, and $3.20.

Nevertheless, this technical Prediction may be invalidated if the bears break below the lower boundary of the channel. Any further bearish movement could reach the supports at $1.60, $1.40, and $1.20 respectively. Moreover, the technical indicator Relative Strength Index (14) is likely to cross above the 40 level, which could push the coin in a positive direction.

SNX/BTC Could Spike to the Upside

Against Bitcoin, the Synthetix price is attempting to cross above the 9-day and 21-day moving averages with a major resistance level at 900 SAT. The long-term moving averages may likely keep the bullish movement as the market could be starting a new trend by crossing toward the upper boundary of the channel.

Nevertheless, if the buyers could push the price to the upside, higher resistance could be located at 1000 SAT and above as the technical indicator Relative Strength Index (14) moves to cross above the 50-level, On the other hand, if the bulls fail to move the current market value above the moving averages, the bears may step back into the market, and the critical support level could be found at 600 SAT and below.

Alternatives to Synthetix

The Synthetix price is facing the upside as the price hits the resistance level of $2.25. Meanwhile, a daily close above the 21-day moving average may push the Synthetix price to the resistance level of $2.50 if the bulls increase the pressure. However, traders should note that a consistent price increase may bring more buyers into the market as bulls increase their positions.

On that note, the Wall Street Memes token is now in the final stage as this could be the last chance to buy raising over $25 million in the presale. Moreover, the token is making waves in the crypto domain as more buyers are encouraged to invest before the expiration of its final presale stage.

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• Source: https://insidebitcoins.com/news/synthetix-price-prediction-for-today-august-24-snx-technical-analysis