$SYN Technical Analysis for Synapse.
Price Movement:
As of the latest data, Synapse (SYN) is trading at around $0.557894 with a 24-hour price increase of approximately 3.04%. Over the past few days, SYN has experienced a significant uptick, with indicating a 32.92% increase in just 4 hours at one point. However, the price has also shown volatility, with a 4.41% decrease in the last 24 hours at another point, suggesting a market that could be consolidating or correcting after recent gains.
Volume and Liquidity:
There has been a notable spike in trading volume, with an increase of 3461.1% in a 4-hour period, indicating high interest or speculative trading around SYN. The trading volume for SYN in a 24-hour period was reported to be around $42.80M, which reflects significant liquidity and market activity.
Technical Indicators:
Moving Averages:
SYN has been noted to be above important support levels multiple times, which could indicate a bullish sentiment in the medium term. However, for a more precise analysis, moving averages like the 50-day and 200-day simple moving averages would need to be reviewed.
Support and Resistance:
The coin has attempted to break through resistance at various price points, with one analysis suggesting a potential move to $1.425 based on a Fibonacci 1.618 level following a falling wedge pattern breakout. This suggests traders might be eyeing this level for potential resistance.
Oscillators and Other Indicators:
While specific oscillator readings like RSI or MACD were not directly mentioned, indicate that MACD has shown a "golden" signal, which is generally considered bullish. Additionally, the Long Short Ratio at 1.32 indicates a market slightly in favor of long positions but with a significant decrease in the ratio, suggesting a possible shift in market sentiment.
Patterns:
Recent analyses highlight SYN exiting a falling wedge pattern, which is typically a bullish sign. Moreover, there's mention of a potential trend reversal on higher timeframes.
Not Financial Advice DYOR