SNX Technical Analysis: Will Buyers Sustain $2.35 Stronghold?

SNX prices action shows a post-retest reversal attempt from $2.35 with a morning star pattern formation. Will buyers reclaim trend control? Key technical points: The SNX market price has increased by 5.60% over the past 24 hours. The price action shows a bullish reversal attempt from the $2.35 mark. The 24-hour trading volume of Synthetix is $147 Million, indicating a rise of 100%. Past Performance of SNX SNX price action revealed an extended correction period beneath a bearish trendline that accounted for an 80% decline. The downward trend had reduced the market value from $7.80 to $1.50 within three months. But, the rebound from $1.50 surpasses the selling tension of the resistance trendline but the sellers stifle the bullish momentum at $3.5. Source- Tradingview SNX Technical Analysis The higher price rejection led to a downfall in the SNX price action near the $3.50 mark. The bullish recovery last night helps the candle sustain above $2.35 and the buying pressure helps in further growth. Hence, the possibility of a morning star pattern forming at $2.35 increases sharply along with the trend reversal possibility. In terms of the technical indicators, the DMI displays the DI lines giving a bullish crossover as the ADX continues to fall. However, the MACD and signal lines go sideways close to the zero line while maintaining a positive alignment. Moreover, the falling trend in the bullish histograms reflects weakness in the un...