Synthetix The price started to make a strong comeback by being reborn after the long-term consolidation in 2023. SNX price is bouncing off the support price at $1.44, challenging the overhead resistance of the consolidation range and attempting to sustain an upside breakout.
However, while there was a general pullback in the markets on Monday, Synthetix sellers seized the opportunity and challenged the uptrend. Additionally, with a Doji formation, SNX sellers are showing their determination to continue the rise.
While the situation in the Bollinger bands continues to show a more “horizontal” trend, it seems that the strength of the bulls will be enough to raise the Synthetix price. With the rise in October, the altcoin price increased by 135% in just two months and exceeded $ 4.
Synthetix trend reversal leads to further gains as the long-term battle between bulls and bears trying to regain control of the trend concludes. However, Fibonacci retracement levels reflect the retracement of the uptrend with resistance at 23.60% and warn of a pullback in SNX price.
Currently, the intraday loss puts the SNX trading value at $4,220 and the long-range Doji candle in a potential evening star formation. Therefore, considering that the sellers managed to create an evening star-like reversal pattern at the upper resistance, the possibility of a downside revival for Synthetix also continues to increase.
MACD Indicator: The MACD and signal lines maintain a positive trend on the weekly chart with a significant increase in the bullish histograms.
The probability of Synthetix price rising above the $4 level increases as the overall trend remains positive. Moreover, market sentiment includes fighting “FUD” which could lead to a deeper recovery for SNX.
According to Fibonacci-based analysis, if Synthetix crosses the 23.60% level, it can rise up to the 50% Fibonacci level this month. In short, SNX price could rise by a 78% jump to $7,485. Conversely, an evening star could lead SNX to retest the $4 breakout.