$SNX SNX Dangerous signal frequently appears, bearish market outlook worrying?

Recently, the performance of SNX has been weak, raising concerns in the market. From the chart, it can be seen that SNX has broken through a key support level (blue line), and trading volume continues to shrink, indicating a lack of market confidence. Considering the following points, SNX may face further declines:

Technical weakness: broke below the key support level of $2.34, with bearish forces dominating.

Trading volume shrinking, lacking upward momentum, indicating potential selling pressure.

MACD indicator has formed a death cross, suggesting a downward trend that is difficult to reverse in the short term.

RSI indicator continues to decline, currently breaking below 30 into the oversold zone, but no obvious reversal signal has appeared, requiring caution against further downtrend risks.

Bollinger Bands opening downward, price breaking below the lower band, indicating a strong bearish trend.

Fundamental uncertainties: Intensifying competition in the DeFi market, the rise of liquidity staking protocols like Lido, causing a certain impact on SNX.

Synthetix protocol's development is not meeting expectations, lacking new growth points, for example, the expansion in the Layer2 field is relatively slow.

Overall cryptocurrency market sentiment is sluggish, with BTC continuing to fluctuate, which is not conducive to SNX's rebound.

On-chain data is unfavorable: the number of active addresses and trading volume on the SNX chain continues to decline, reflecting a decrease in market participation.

Large holders' positions have decreased, which may indicate selling pressure.

External environment is unfavorable: global macroeconomic uncertainties are increasing, expectations for the Federal Reserve's interest rate hikes are rising, putting pressure on risk assets.

Regulatory policies are tightening, and the U.S. SEC's regulatory stance on cryptocurrencies is unclear, which may impact the DeFi market.

In summary, SNX is unlikely to be optimistic in the short term.