Synthetix’s SNX Token Could Rally To $20 As BTC Corrects

Synthetix’s SNX token could soon rally above $20 while bitcoin is correcting since the coin is still in the bullish zone despite the many pullbacks over the past few days. SNX’s price will likely rally towards $20 if it manages to clear the $16.00 hurdle as we take a closer look at today’s altcoin news.

There was a slight increase in the SNX price against the US dollar to $12 and then it traded to a new yearly high of $16.01 while settling well above the 100 simple moving average. There’s also a major rising channel forming with the resistance at the $16.00 level on the 4-hour charts of the pair. The SNX/USD pair will likely continue higher towards $18.00 and $20.00 if It manages to stay afloat at $12.50.

After a closer above the $12.00 level, SNX saw a steady increase to the $15.00 level against the US dollar but then there was a sharp downside correction in BTC, ETH, and other altcoins as well. However, SNX remained in a bullish zone above the $14.00 level and even managed to break above $15.50 while trading to a new high of $16.01. It is now consolidating the gains above $15.00 and the 100 simple moving average. The initial support on the downside is close to the $14.65 level and it is also close to the 23.6% fib retracement level from the increase at the $10.31 low to $16.01 high. The first major support is near the $14.00 level as per the charts.

On the upside, the bulls are facing hurdles near the $16.00 level with a major rising channel forming with the resistance close to the $16.00 on the 4-hour charts of the pair. breaking above this level could start another rally and in the stated case, the bulls will aim for $18.00 with the next major resistance on the upside nearing the $20.00 level.

Synthetix’s SNX token could correct lower below $14.50 if it fails to shoot higher. The first major support is nearing the $14.00 level below which it could test the 50% fib retracement level from the recent increase from lows at $10.31. The channel support is nearing the $13.15 zone with a downside break below the channel support being able to start a downside correction towards $10.50 and $10.00. The 4-hour MACD for the pair is gaining pace in the bullish zone while the 4-hour RSI is well above 50.