$SNX SNX Dangerous signals frequently appear, is the bear market outlook concerning?
Recently, the performance of SNX has been weak, raising market concerns. From the chart, it can be seen that SNX has broken through key support levels (blue line), and trading volume continues to shrink, indicating a lack of market confidence. Considering the following points, SNX may face further declines:
Weak technicals: breaking through the key support level of $2.34, with bearish forces dominating.
Shrinking trading volume, lacking upward momentum, indicates potential selling pressure.
The MACD indicator has crossed downwards, indicating a downward trend that is difficult to reverse in the short term.
The RSI indicator continues to decline, currently breaking below 30 and entering the oversold zone, but no obvious reversal signal has appeared, necessitating caution against further downside risk.
The Bollinger Bands are opening downwards, with prices breaking below the lower band, indicating a strong bearish trend.
Fundamental uncertainties: increased competition in the DeFi market, with liquidity staking protocols like Lido emerging, causing certain impacts on SNX.
The development of the Synthetix protocol has not met expectations, lacking new growth points, such as slow expansion in the Layer 2 sector.
Overall sentiment in the crypto market is low, with BTC continuing to oscillate, which is unfavorable for SNX's rebound.
On-chain data is unfavorable: the number of active addresses and trading volume on the SNX blockchain continues to decline, reflecting reduced market participation.
Large holders have reduced their positions, possibly indicating selling pressure.
External environment is unfavorable: increasing global macroeconomic uncertainties, rising expectations for Fed interest rate hikes, putting pressure on risk assets.
Tightening regulatory policies, with the US SEC's unclear stance on cryptocurrency regulation, may impact the DeFi market.
In summary, it is difficult to be optimistic about SNX in the short term.
