Synthetix ($SNX ) is currently trading around $0.65 - $0.68 USD. Technical indicators largely suggest a "Sell" signal across various timeframes (daily, weekly), with most moving averages indicating bearish pressure. Oscillators show a mixed picture, but overall, the sentiment leans towards selling.
Trading Signal Plans (General Steps):
1. Technical Assessment: Pay close attention to moving averages (e.g., EMA 50, 100, 200) and how the price interacts with them. A break above resistance levels with strong volume would indicate a bullish shift.
2. Support and Resistance: Identify key price levels where SNX has historically found support or faced resistance. Current resistance appears around $0.70-$0.72.
3. Volume Analysis: A lack of significant buying volume with current price action suggests a continuation of the bearish trend.
4. Trend Confirmation: Look for clear reversals or breakouts to confirm a shift in momentum before entering trades. Given the current "Sell" signals, cautious or short-biased strategies might be considered.
5. Risk Management: Always implement stop-loss orders to protect capital, especially in volatile crypto markets.