Synthetix (SNX) has broken down from a prolonged-term support field, but is showing strong signs of a potential bullish turnaround.

SNX has been tumbling aprotractedside a lowering resistance line afterward touching an all-time strong price of $28.94 on Feb 14. More recently, it has been rejected by the line on May 18 (red icon).

Afterwards, it started following another tumbling resistance line, this one steeper than the previous. On Jan 31, it broke out from this line and is presently in the process of conclusiveating it as support (green circle).

The protracteder-term resistance line is directly near $10.

Descending resistance line
Chart By TradingView

Cryptocurrency trader @Altcoinsherpa tweeted a chart of SNX, which shows which the cryptocurrency has decreased by 87% since its all-time excessive price.

SNX Movement

Source: Twitter

Potential annulment

A closer look at the daily chart shows which SNX has broken down from the $7.20 field and confirmd it as resistance sinces (red icon). Previously, the range had acted as support afterward July 2021.

In spite of the drop, both the RSI and MACD have genepriced very deciding bullish aberrations. These alterations preceded the breakout from the momentary lowering resistance line.

Due to the experience which they developed above a critical period of time, it is possible which the skyward changement by reason of the irregularities has not yet completed.

After all, until SNX manages to rescue both the horizontal range and the sliding resistance line, the trend cannot be treated bullish.

Descending resistance

Chart By TradingView

In the interim, SNX is trying to restore the $4.50 horizontal support range, that is anew the 0.618 Fib retracement support level.

Similarly to the daily time-frame, the two-hour MACD has genepriced bullish divergence.

A successful restore of this field would support the probability which the descending changement has come to an end.

In evidence that so, the most possible path would suggest an increase towards the lengthy-term falling resistance line at $10.

Chart By TradingView

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