SNX Technical Analysis: Bears Hijack Wedge, Threaten 10% Drop

The SNX price action shows a high momentum bear cycle within a wedge teasing a bearish breakout to test the crucial sport at $3. Key Technical Points: The Synthetix price action forms a double top within the rising wedge pattern. The 50 and 100-day SMA crossover gains a bullish spread. With a market cap of $422 million, the intraday trading volume of SNX has increased by 16% to reach $64.20 million. Past Performance of SNX The SNX price action shows a bearish reversal from the $4.38 to the $3.5 support level within a rising wedge, indicating the completion of the bear cycle. The downtrend wiggles up and down the 200-day SMA while forming the double top pattern with a neckline at the $3.5 mark. However, the support trendline of the rising wedge pattern cushions the downfall leading to lower price rejection candles. Source – Tradingview SNX Technical Analysis The SNX price retests the broken 200-day SMA, leading to the higher price rejection in the daily candle. Hence, the increasing downtrend momentum teases a downfall below the support trendline and a drop below the $3.5 mark. The recent bullish crossover of the 50 and 100-day SMA gains a bullish spread despite the bear cycle within the wedge. The daily RSI slope drops to the halfway line, crossing below the 14-day SMA, reflecting a rise in the underlying bearishness. Moreover, the MACD indicator shows the increased selling pressure undermining the bull cycle with a bearish cr...