$SNX /USDT

As of the latest 4-hour chart for SNX/USDT on Binance, we observe a significant bearish trend. The price has recently experienced a sharp decline, currently trading around the $1.821 mark, with a recent low at $1.763.

Resistance Levels:

1. Immediate Resistance: The price faces immediate resistance at the $1.875 level, marked by the 7-period moving average (MA7). This short-term resistance needs to be broken for any potential upward movement.

2. Intermediate Resistance: Above the immediate resistance, the next notable resistance is at $1.953, where the 25-period moving average (MA25) is located. This level is crucial as it aligns with previous price consolidations and attempted recoveries.

3. Major Resistance: The major resistance level is around $1.977, where the 99-period moving average (MA99) resides. This level has historically acted as a significant barrier, indicating a strong resistance zone.

Spot Analysis:

The current spot price shows a bearish dominance, with significant selling pressure evident from the high trading volumes accompanying the recent price drop. The volume bars indicate an increase in selling activity, suggesting a lack of buying interest at current levels.

Key Observations:

- The price recently broke below the $1.875 level, indicating increased bearish sentiment.

- The convergence of the moving averages (MA7, MA25, and MA99) suggests that breaking above these levels could indicate a reversal or consolidation phase.

- Traders should monitor the volume closely, as a decrease in selling volume could signal a potential reversal or stabilization.

In conclusion, SNX

/USDT is currently in a bearish phase with critical resistance levels to watch at $1.875, $1.953, and $1.977. Traders should remain cautious and look for signs of reversal or consolidation before entering new positions.