SNX Technical Analysis Feb 10

SNX is approaching the critical support zone amid a sharp downtrend, with RSI at 30 signaling oversold conditions; however, MACD is negative and Supertrend is red, maintaining bearish pressure. While volume continues to remain low, Bitcoin correlation presents a risky outlook for altcoins.

Executive Summary

The SNX/USDT pair is consolidating around $0.28, with the overall technical picture filled with bearish signals. Alongside a 2.75% drop in 24 hours, RSI has fallen to 30.36, entering the oversold zone, but the MACD histogram is negative and the price continues to stay below EMA20 ($0.35). Critical supports at $0.2810 and $0.2460 should be monitored; upside signals will remain weak unless the $0.2980 resistance is broken. Bitcoin’s downtrend is creating pressure on SNX, with the risk/reward ratio unfavorable toward bearish targets. Investors should follow the SNX Spot Analysis and SNX Futures Analysis pages.

Market Structure and Trend Status

Current Trend Analysis

SNX is trading near the lower band of the down channel formed in recent months, in a clear bearish structure aligned with the overall trend. The Supertrend indicator is red and marks $0.38 as resistance, suppressing short-term upsides. The price is positioned below EMA20 ($0.35), EMA50 (around $0.42), and EMA200 (around $0.55), with the multi-moving average bearish alignment (death cross-like) continuing. The downtrend dominates the 1D timeframe, while structural down channels are visible on 3D and 1W charts; a close above $0.5566 is required for breakout.

Structural Levels

Multi-timeframe analysis (1D/3D/1W) identifies 10 strong levels: Supports at 1D 2S, 3D 2S, 1W 2S; resistances at 1D(3R), 3D(1R), 1W(3R). Main structural support at $0.2460 (score 77/100, strong swing low), secondary at $0.2810 (67/100, daily pivot). Resistance layers at $0.2980 (68/100, short-term), $0.3391 (61/100), and $0.5566 (63/100, weekly resistance). These levels align with Fibonacci retracements: 61.8% downside target completed in the $0.28 zone, next 78.6% around $0.24.

Technical Indicators Report

Momentum Indicators

RSI(14) at 30.36 has entered the oversold zone (below 30%), with potential divergence possible but bearish momentum continuing. MACD line below signal line, histogram expanding negatively and diverging from zero line, indicating gaining bearish momentum. Stochastic around 15% oversold, but %K/%D crossover has not turned upward. CCI near -150, confirming weakening momentum. Overall momentum confluence is bearish, though oversold conditions carry near-term bounce risk.

Trend Indicators

Supertrend bearish (resistance $0.38), Ichimoku Cloud red and price below cloud. EMAs in bearish alignment: Price below EMA20, EMA20 has crossed below EMA50. ADX at 35+ indicates strong trend strength (bearish direction). Parabolic SAR dots positioned above, stop level above $0.29. Trend indicators provide 100% bearish confluence.

Critical Support and Resistance Analysis

Support zones: Primary $0.2810 (67/100, last 24h low + pivot), secondary $0.2460 (77/100, 78.6% Fib + swing low, breakdown could trigger panic selling). Third support $0.20 psychological + monthly low. Resistance zones: Nearby $0.2980 (68/100, 24h high), medium $0.3391 (61/100, near EMA20), upper $0.5566 (63/100, weekly resistance). These levels are supported by volume profiles: $0.28 high-volume POC (Point of Control). Breakout scenarios: Above $0.2980 for bullish validation, below $0.2810 for bearish acceleration.

Volume and Market Participation

24h volume at 16.41M$ below average (-20% low), declining volume during downside may signal bearish exhaustion but buying pressure is insufficient. OBV (On-Balance Volume) showing negative divergence, no accumulation. VWAP daily above $0.285, price testing with low participation. Delta volume negative, selling pressure dominant. Rally unreliable without volume increase; to monitor: Volume above 20M$ for breakout confirmation.

Risk Assessment

From current $0.28, bearish target $0.0249 (score 22, R/R 1:10+ unfavorable), bullish target $0.5150 (score 15, R/R 1:8 potential but low probability). Main risks: BTC downside could pull SNX to $0.24, high volatility at liquidity edges. Position size 1-2% risk, stop-loss below $0.2810. Positive risk: RSI divergence + volume increase for bounce to $0.34. Overall risk/reward bearish tilted, longs risky; shorts preferred on support breakdown.

Bitcoin Correlation

BTC at $68,665 level with 2.62% drop in bearish trend, Supertrend red. SNX correlates 0.85+ with BTC; BTC supports at $65,786, $60,000 breakdown could push SNX to $0.24. BTC resistance $70,139 to monitor – above could trigger SNX rally. BTC dominance rise pressures altcoins; SNX stable in BTC pair but risky in spot.

Conclusion and Strategic Outlook

SNX technical picture filled with bearish confluence: Oversold momentum offers bounce hope but trend, EMAs, and volume weakness point to downside. Strategy: Long on $0.2980 break, short on $0.2810 break. Medium-term requires BTC rally, short-term support test expected. Overall outlook risky, patience and discipline key. Follow spot and futures analyses for details.