Is the $2.5 resistance level next for Synthetix after rallying by more than 10% today?

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Is the $2.5 resistance level next for Synthetix after rallying by more than 10% today?

By Hassan Maishera - min read

SNX, the native coin of the Synthetix network, is one of the best performers so far today and could rally higher soon.

SNX is up by more than 10% on Monday, outperforming the broader cryptocurrency market in the process. It is outperforming some of the biggest cryptocurrencies in the market.

There is no apparent catalyst behind SNX’s positive performance. Its rally comes as the broader cryptocurrency market continues to struggle.

The total cryptocurrency market cap is down by less than 1% in the last 24 hours and has fallen below the $920 billion mark.

Bitcoin, the world’s largest cryptocurrency by market cap, is up by 1% so far today and continues to trade above the $19,000 support level.

Ether, meanwhile, is up by more than 2% in the last 24 hours and is now trading above $1,300 per coin.

SNX is currently trading above $2.3 per coin and could target the $2.5 resistance level in the near term.

Key levels to watch

The SNX/USD 4-hour chart is bullish, as Synthetix has been performing well over the past few days. The technical indicators show that Synthetix could rally higher in the near term with the support of the broader cryptocurrency market.

SNX/USD Chart By TradingView

The MACD line remains above the neutral zone, indicating bullish momentum with the Synthetix market.

The 14-day relative strength index of 67 shows that SNX is heading into the overbought region if the positive momentum is sustained.

If the bullish trend continues, SNX could move past the first major resistance level at $2.515 before the end of the day. 

In the event of an extended rally, SNX could touch the $3.01 resistance mark for the first time in more than a month. 

However, the broader market remains bearish, and this could see SNX underperform in the near term. If that happens, SNX could drop toward the first major support level at $2.187 shortly. 

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