Synthetix Cryptocurrency Forecast

Synthetix cryptocurrency price ended at $2.86 on Tuesday, after losing 0%.
(Updated on Apr 30, 2024)

SNXUSD Signals & Forecast

A buy signal was issued from a pivot bottom point on Sunday, April 14, 2024, and so far it has risen 3.66%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Synthetix cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2.93 and $3.57. A break-up above any of these levels will issue buy signals. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.

Support, Risk & Stop-loss for Synthetix cryptocurrency

Synthetix finds support from accumulated volume at $2.84 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This cryptocurrency may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this cryptocurrency is considered to be "very high risk". During the last day, the cryptocurrency moved $0.186 between high and low, or 6.61%. For the last week, the cryptocurrency has had daily average volatility of 7.83%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SNXUSD) For The Upcoming Trading Day Of Wednesday 1st

For the upcoming trading day on Wednesday, 1st we expect Synthetix to open at $2.89, and during the day (based on 14 day Average True Range), to move between $2.55 and $3.17, which gives a possible trading interval of +/-$0.313 (+/-10.95%) up or down from last closing price. If Synthetix takes out the full calculated possible swing range there will be an estimated 21.91% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $2.84 (0.59%) than the resistance at $2.96 (3.50%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Synthetix cryptocurrency A Buy?

Synthetix holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this cryptocurrency.

Current score: -4.562 Sell Candidate Unchanged

Predicted Opening Price for Synthetix of Wednesday, May 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.