- The price of SNX is trading near $1.8110. The 24-hour trading volume was $15.144 million.
- The SNX price is observing a rise of +0.31% in the last 24 hours.
- The SNX year-to-date return is +26.17%.
About Synthetix (SNX)
Optimism and the Ethereum mainnet are used to build the Synthetix network. Synthetix is a platform that aims to enlarge the cryptocurrency space by nurturing & encouraging as well non-blockchain assets that provide access to strong financial markets.
The Synthetix network allows the issuance of synthetic assets called Synths, collateralized by SNX, ETH, and LUSD. Synths generate and track returns on assets without the need for a person to hold the asset directly. Hence, this joint venture supports a variety of supply chain, financial instruments that can be supported by Synthetix’s liquidity.
Synthetics is to form a ratio of the ability to act according to the laws that each operation can be used for many purposes. Deep liquidity and low prices are the backends for Optimism and many exciting processes of Ethereum. Many rule users in the Synthetix ecosystem such as Kwenta (spots and futures), Lyra (options), Polynomial (automated options), and 1inch and Curve (atomic swaps) use Synthetix’s liquidity to power their protocols.
Trend Analysis
By considering trend & price information history, we can say that SNX is in a downtrend. The price has declined -16.89% within the past seven days and we are able to say that SNX is underperforming presently.
SNX Trading Below
Technical Analysis (1D Timeframe)
Source: SNX/USD.1D.BITFINEX by TradingView
The price of SNX at present is trading below 50 EMA which suggests the price could Fall shortly. If the sellers continue to push the price downwards, it could fall more in its value within a week. Hence, indicating sell.
The price of SNX is trading below 200 EMA which suggests the price could fall more soon. If the sellers continue to push the price downwards further, it could decrease more of its value within a week. Hence, indicating Sell.
The Relative Strength Index (RSI) signals whether a cryptocurrency is oversold (below 30) or overbought (above 70). The value of 14 SMA is 32.18 points and the RSI line is near 27.12. This indicates that the MINA market position is in the oversold zone; currently, the line suggests more fall in the zone. Hence, indicating sell.
As per the Trendline, it’s respecting the trendline and trying to climb up from the trendline. For now, it’s consolidating but can go downwards more shortly appears probable. So, the price of SNX can continue to fall or consolidate.
Conclusion
According to the analysis, The indicators are supporting the bears. If the price continues to move under the seller’s control, it is expected to fall more shortly or it can consolidate at the current levels. Presently, the sentiments of the investors and traders are bearish regarding the price of SNX in the 1D timeframe.
Technical Levels
- The Nearest Support Zone – $1.6141 then $4.4264
- The Nearest Resistance Zone – is $2.4201 then $2.5590
Disclaimer
In this article, The views and opinions stated by the author, or any people named are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
