🔍 Synthetix Technical Analysis: Can It Recover? 🔍

Today, $SNX dropped nearly 6%, continuing its downward trend. Yet, there's a silver lining: it’s up 10.6% over the past month and 0.5% this week. 📈

Key indicators:
🔹RSI at 45: Neutral, suggesting SNX isn't overbought or oversold.

🔹SMA & EMA below the current price: Possible consolidation ahead.

🔹MACD & Awesome Oscillator: Bearish, pointing to further caution.

Despite the bearish technical indicators, Synthetix shows some signs of stability. Future Federal Reserve interest rate moves could act as a catalyst for the next breakout.