SNX big announcement and current price action
Full disclosure: I am long SNX with a current holding of 3,035 tokens held on the Celsius Network. I am currently grandfathered in and still earning 14.05% APY despite the recent SEC ruling inhibiting non-accredited US investors (like me) from earning interest. Damn big government bureaucracies. Here's a recap on SNX price action since yesterday's chart as well as SNX news release on recent upgrades and additions.
Price-Action: The last two days of price action have been tough on SNX, but it still remains above its 20-day MA (moving average), meaning we are still within the overall recent bullish trend. If SNX falls significantly further from here, then the 20-day MA becomes another level of resistance on the way back up. Let's hope that doesn't happen. Hopefully, with the recent changes/additions to the Synthetix Network, a rebound will occur sooner rather than later.
From the E-News Release:
As part of the "Nunki Release...eight new perpetual futures markets were launched onto Synthetix Futures. Not only were Crypto markets added, but commodities such as Gold and Silver were also added. Synthetix is excited to be the first on-chain futures platform to support these exotic markets. The new markets are as follows: SOL, AVAX, MATIC, AAVE, UNI, EUR, GOLD, SILVER."
"SOL, AVAX, MATIC, UNI, and AAVE markets will join a growing list of supported cryptocurrencies available for leverage trading through Synthetix Perpetual Futures. These assets have been available for spot trading for a few months now, and Synthetix is excited to allow traders access to leveraged perpetual futures in these markets."
"GOLD, SILVER, and EUR will be the first supported commodities and forex markets available for leverage trading through Synthetix Perpetual Futures. There is nowhere else in DeFi where you can trade Gold and Silver futures fully on-chain. Synthetix is the first on-chain protocol to support these exotic markets."
"An automated keeper was developed to automatically open and close GOLD, SILVER, and EUR markets when real-world markets open and close. Due to this development, there will be no manual intervention needed from engineers to open and close these markets."
To read further details visit their blog (sythetix dot blog dot io) or visit their Kwenta platform to check it out live.
Closing thoughts: To me, these are tremendous strides forward and takes SNX to another level. The token is scarce, the platform requires its utility, further enhancing value. And the project is beginning to blossom into full maturity. I know I am biased, but I will say it again... I predict new ATH (all-time highs) by 2023... beyond $30, perhaps $50 to $100 range. My free predictions are always worth every penny. --Garry
Price-Action: The last two days of price action have been tough on SNX, but it still remains above its 20-day MA (moving average), meaning we are still within the overall recent bullish trend. If SNX falls significantly further from here, then the 20-day MA becomes another level of resistance on the way back up. Let's hope that doesn't happen. Hopefully, with the recent changes/additions to the Synthetix Network, a rebound will occur sooner rather than later.
From the E-News Release:
As part of the "Nunki Release...eight new perpetual futures markets were launched onto Synthetix Futures. Not only were Crypto markets added, but commodities such as Gold and Silver were also added. Synthetix is excited to be the first on-chain futures platform to support these exotic markets. The new markets are as follows: SOL, AVAX, MATIC, AAVE, UNI, EUR, GOLD, SILVER."
"SOL, AVAX, MATIC, UNI, and AAVE markets will join a growing list of supported cryptocurrencies available for leverage trading through Synthetix Perpetual Futures. These assets have been available for spot trading for a few months now, and Synthetix is excited to allow traders access to leveraged perpetual futures in these markets."
"GOLD, SILVER, and EUR will be the first supported commodities and forex markets available for leverage trading through Synthetix Perpetual Futures. There is nowhere else in DeFi where you can trade Gold and Silver futures fully on-chain. Synthetix is the first on-chain protocol to support these exotic markets."
"An automated keeper was developed to automatically open and close GOLD, SILVER, and EUR markets when real-world markets open and close. Due to this development, there will be no manual intervention needed from engineers to open and close these markets."
To read further details visit their blog (sythetix dot blog dot io) or visit their Kwenta platform to check it out live.
Closing thoughts: To me, these are tremendous strides forward and takes SNX to another level. The token is scarce, the platform requires its utility, further enhancing value. And the project is beginning to blossom into full maturity. I know I am biased, but I will say it again... I predict new ATH (all-time highs) by 2023... beyond $30, perhaps $50 to $100 range. My free predictions are always worth every penny. --Garry
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