Synthetix Price Rose 40%; Will SNX Go Beyond $6 in Jan 2024?

• 1 Synthetix price prediction suggests the SNX crypto might perform well in 2024 and reward the long-term investors.
• 2 The SNX price showed a steep rally and rose by approximately 40% in the current month.
• 3 Synthetix crypto price is in an uptrend but looks mildly overstretched.

Synthetix price prediction suggests SNX is inside the bulls’ grip and it may show outperformance in the coming months. It rises upward by forming higher high swings and succeeds in breaking the $4.00 hurdle.

The SNX coin price displayed a steep rally and hitting the year-till-date high shows the strength of the bulls. Meanwhile, the buying volume has increased. It denotes that some genuine buyers and crypto whales might have taken long positions.

Synthetix crypto seems to be in an uptrend but the price has gone far away from the 50-day and 200-day EMAs. So, a minor selloff may trigger anytime from higher levels due to which price might retrace down to the EMA.

The chart pattern of this coin looks highly bullish and no signs of weakness are visible. So, if the price retraces downward, it should be treated as an opportunity for the bulls to build fresh longs.

At present, Synthetix price is trading at $4.632 with an intraday increase of 5.51%. In the last 24 hours, the trading volume surged by 109%. Moreover, the volume to market cap was recorded at 17.10% which denotes enough liquidity.

Will Synthetix Price Retrace Down Or Continue the Upside?

Source: SNX/USDT daily chart by Tradingview

Synthetix price prediction is favoring the bulls and suggests buyers may continue its dominance. The price looks mildly overstretched so minor retracement is expected which will be good for better price discovery.

On the higher side, the $5.000 to $5.500 range may act as a supply zone for the bulls. So, it will be interesting to see how the price reacts near the resistance levels.

If the buyers succeed in taking control of the supply zone, then be prepared for the next phase of the rally. However, if the SNX price faces rejection, it may retrace back to the EMA.

SNX Price Analysis: Bulls Look Very Aggressive

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The SNX coin price rose for nine consecutive weeks and formed a highly bullish pattern. The bulls look very aggressive so any short-term downfall will have a high probability of giving a bounce.

The price action says, a rally in the SNX crypto has just begun and more scope of upside is open.

The MACD curve displayed a positive crossover indicating the bullish momentum may continue. Whereas, the RSI at 73 entered into the overbought territory, so it may raise concern for the short-term bulls.

Conclusion

Synthetix price prediction remains highly bullish for 2024 and suggests more upside is pending. The chart pattern of SNX crypto favors the bulls and shows the confidence of the buyers.

The analysis suggests if buyers succeed in taking control of the supply zone, the SNX price may fly to $6 and above levels by the end of January 2024.

Technical levels

• Resistance levels: $5.000 and $5.500
• Support levels: $3.315 and $2.494

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.

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