Synthetix Network Token

• Price Action: The price has touched or moved near the lower band, which may indicate a short-term support area. However, since the price continues to move lower, it could signal bearish momentum.
  
• Support Levels: Around $1.30: This seems to be a key level where the price found temporary support after the recent drop.
  
• Resistance Levels: Around $1.50: The price struggled to break above this level in the recent bounce, making it a key short-term resistance.
  
• Bearish Candles: The latest candlesticks show strong bearish momentum, with long red candles, indicating aggressive selling pressure.
  
• Watch for Reversal Patterns: Look for candlestick reversal patterns (e.g., hammer, doji) near the current support zone to signal a potential bottoming.
  
• Short-Term: The market is still in a clear downtrend, but the price is approaching a potential support zone between $1.30 and $1.08. A bounce from this area is possible, but further confirmation from candlestick patterns and volume is needed.
  
• Medium-Term: A break above $1.50 and higher would be necessary to signal a potential trend reversal. Otherwise, the downtrend may continue, especially if the price fails to hold support around $1.30.