Synthetix (SNX) Price Prediction 2024, 2025–2030 | CoinCodex (2024)

According to our current Synthetix price prediction, the price of Synthetix is predicted to drop by -3.95% and reach $ 1.298826 by October 18, 2024. Per our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 45 (Fear). Synthetix recorded 15/30 (50%) green days with 7.90% price volatility over the last 30 days. Based on the Synthetix forecast, it's now a bad time to buy Synthetix.

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Based on the historical price movements of Synthetix and the BTC halving cycles, the yearly low Synthetix price prediction for 2025 is estimated at $ 1.171327. Meanwhile, the price of Synthetix is predicted to reach as high as $ 3.32 next year. Using the same basis, here is the Synthetix price prediction for each year up until 2030.

Synthetix price prediction 2025

The Synthetix price prediction for 2025 is currently between $ 1.171327 on the lower end and $ 3.32 on the high end. Compared to today’s price, Synthetix could gain 141.53% by 2025 if SNX reaches the upper price target.

Synthetix price prediction 2030

The Synthetix price prediction for 2030 is currently between $ 0.383697 on the lower end and $ 2.59 on the high end. Compared to today’s price, Synthetix could gain 87.85% by 2030 if it reaches the upper price target.

Synthetix's 50-Day, 200-Day Simple Moving Averages and 14-Day Relative Strenght Index - RSI (14)

Based on our technical indicators, Synthetix's 200-day SMA will drop in the next month and will hit $ 2.09 by Oct 18, 2024. Synthetix's short-term 50-Day SMA is estimated to hit $ 1.361446 by Oct 18, 2024.

The Relative Strength Index (RSI) momentum oscillator is a popular indicator that signals whether a cryptocurrency is oversold (below 30) or overbought (above 70). Currently, the RSI value is at 50.39, which indicates that the SNX market is in a neutral position.

Popular SNX Moving Averages and Oscillators for Wed, Sep 18, 2024

Moving averages (MA) are a popular indicator in all financial markets, designed to smooth price action over a certain amount of time. They are a lagging indicator which means they are influenced by historical price activity. In the table below you can find two types of moving averages, simple moving average (SMA) and exponential moving average (EMA).

Synthetix Oscillators

An oscillator is a technical analysis tool that constructs high and low bands between two extreme values, and then builds a trend indicator that fluctuates within these bounds. Traders use the trend indicator to discover short-term overbought or oversold conditions.

Synthetix Key Price Levels

Based on today's classical pivot point (P1) with the value of $ 1.375895, Synthetix has support levels of $ 1.341417, $ 1.27601, and the strongest at $ 1.241532. Similarly, Synthetix resistance levels are at $ 1.441303, $ 1.475781, and $ 1.541188.

Synthetix Correlation

Over the past 7 days, Synthetix price was most positively correlated with the price of and most negatively correlated with the price of .

Synthetix price is correlated with the top 10 coins by market cap with a price of , excluding Tether (USDT) and correlated with the top 100 coins by market cap excluding all stablecoins with a price of .

Currencies that are positively correlated with Synthetix indicate that the movement of one has a statistically significant weight to lead the other in the same direction. For currencies that are negatively correlated with Synthetix, a move in one direction for Synthetix would translate into a move in the opposite direction for the negatively correlated coin.

To get a better idea of what could happen to the Synthetix price in the future, it’s helpful to also explore Synthetix’s price history. In the last month, the SNX/USD pair is down .

Synthetix Price Analysis

How to read and predict Synthetix price movements?

Synthetix traders use a variety of tools to try and determine the direction in which the SNX market is likely to head next. These tools can roughly be divided into indicators and chart patterns. When trying to predict the Synthetix price, traders also try to identify important support and resistance levels, which can give an indication of when a downtrend is likely to slow down and when an uptrend is likely to stall.

Synthetix Price Prediction Indicators

Moving averages are among the most popular Synthetix price prediction tools. As the name suggests, a moving average provides the average closing price for SNX over a selected time frame, which is divided into a number of periods of the same length. For example, a 12-day simple moving average for SNX is a sum of SNX’s closing prices over the last 12 days which is then divided by 12.

In addition to the simple moving average (SMA), traders also use another type of moving average called the exponential moving average (EMA). The EMA gives more weight to more recent prices, and therefore reacts more quickly to recent price action.

50-day, 100-day and 200-day moving averages are among the most commonly used indicators in the crypto market to identify important resistance and support levels. If the SNX price moves above any of these averages, it is generally seen as a bullish sign for Synthetix. Conversely, a drop below an important moving average is usually a sign of weakness in the SNX market.

Traders also like to use the RSI and Fibonacci retracement level indicators to try and ascertain the future direction of the SNX price.

How to read Synthetix charts and predict price movements?

Most traders use candlestick charts, as they provide more information than a simple line chart. Traders can view candlesticks that represent the price action of Synthetix with different granularity – for example, you could choose a 5-minute candlestick chart for extremely short-term price action or choose a weekly candlestick chart to identify long-terms trends. 1-hour, 4-hour and 1-day candlestick charts are among the most popular.

Let’s use a 1-hour candlestick chart as an example of how this type of price chart gives us information about opening and closing prices. The chart is divided into “candles” that give us information about Synthetix’s price action in 1-hour chunks. Each candlestick will display SNX’s opening price, closing price, as well as the highest and lowest prices that Synthetix reached within the 1-hour period.

It’s also important to pay attention to the color of the candle – a green candle means that the closing price was higher than the opening price, while a red candle tells us the opposite. Some charts will use hollow and filled candlestick bodies instead of colors to represent the same thing.

What affects the price of Synthetix?

Just like with any other asset, the price action of Synthetix is driven by supply and demand. These dynamics can be influenced by fundamental events such as block reward halvings, hard forks or new protocol updates. Regulations, adoption by companies and governments, cryptocurrency exchange hacks, and other real-world events can also affect the price of SNX. The market capitalization of Synthetix can change significantly in a short period of time.

When trying to make a Synthetix forecast, many traders also try to monitor the activity of SNX “whales”, which are entities and individuals that control large amounts of SNX. Since the Synthetix market is relatively small compared to traditional markets, “whales” can single-handedly have a big influence on Synthetix’s price movements.

Bullish and bearish price prediction patterns

Some traders try to identify candlestick patterns when making cryptocurrency price predictions to try and get an edge over the competition. Some candlestick formations are seen as likely to forecast bullish price action, while others are seen as bearish.