long KWENTA$KWENTA bounced up off the bullish trendline. The trend is likely to continue and reach the resistance level at $223.8
Kwenta
SNX update: Using Chaikin Money Flow and the Keltner ChannelsFull disclosure: I am long SNX with a current holding of 3,042 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. Libertarian here, so I hate big government. Anyway, recent SNX price action continues to plod in the direction we like.
Looking at the CMF (Chaikin money flow- green line below), it appears we are seeing a renewed interest flowing into SNX. Always a good sign.
And the Keltner Channels show a robust upward trend. Currently, SNX is staying safely within the upper band of the KC, not overextending above nor dipping below into the lower band. This is VERY bullish action.
May it continue. If you like this idea, please feel free to comment or read my other ideas to stay abreast on SNX. -- Garry
SNX big announcement and current price actionFull 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
SNX What do I see?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 those big government bureaucracies. On to what I am focusing on with today's SNX chart.
SNX is currently making new higher lows and higher highs. That makes for a favorable uptrend. It is also creating a narrowing wedge which could see a breakout...hopefully also to the upside. It now appears that we put in a clearly defined bottom as witnessed by the bowl shape. This has all the earmarks of a growing uptrend. And when we look at the Keltner Channels, today's pullback actually keeps us safely in the upper bullish channel or band of the KC without overstepping above it where a more serious correction becomes more likely. This all looks very healthy and bullish to me.
Outlook: Until I see SNX hit and break across the upper line somewhere in the $8-plus range, I won't be comfortable saying this is the bull we are looking for. Again, fingers crossed. Long-term price action prediction? A new ATH (All-time high) by 2023. Of course, predictions are free and worth every penny. -- Garry
SNX Looking quite bullishFull disclosure: I am long SNX with a current holding of 3,035 tokens held on the Celsius Network. I am grandfathered in and still earning 14.05% APY despite the recent SEC ruling inhibiting non-accredited investors (like me) from earning interest. Always screwing the little gals & guys in the name of "protecting us." Thank you, big government bureaucracies... for nothing. Anyway, on to today's look at SNX using the Keltner Channels...
SNX is mounting it's second day in the upper band of the KCs. This is a very good sign. If SNX can stay within this bullish channel and not overextend (outside of the Keltner Channels), we could ride this trend back toward its ATH (All Time Highs).
Outlook: Even though there should be little correlation between BTC, ETH, Technology Stocks, and Alt-Coins (including our SNX project/platform), it does currently exist. Even though these things will eventually become disjointed/disconnected in price-action as they should be, until then, if BTC takes a severe tumble, we can expect SNX to do so to the extreme. Conversely, if BTC continues to plod upward, we can expect extremely bullish price-action in SNX. Fingers crossed for the extremely bullish action. ;)
--Garry
SNX May be breaking to the bullish side of the Keltner ChannelFull disclosure: I am long SNX with a current holding of 3,035 tokens held on the Celsius Network. I am grandfathered in and still earning 14.05% APY despite the recent SEC ruling inhibiting non-accredited investors (like me) from earning interest. Always screwing the little gals & guys in the name of "protecting us." Thank you, big government bureaucracies... for nothing. Anyway...
It looks like SNX is trying to break into the "bullish" side of the Keltner Channel (See yellow circle). If SNX can maintain in the upper band, this will be a very strong signal of future bullish price-action. --Garry
SNX update: Money flow, Solana now; MATIC, AVAX, AAVE, UNI soonDisclaimer: These are my observations and personal views on SNX. Full disclosure requires I tell you I am long SNX and see a high profit potential in this "derivatives" trading platform. Synthetix refers to these derivatives as "Synths." To actually trade, you need to go to Kwenta (kwenta dot io ). Now for the updates.
As witnessed by the CMF (Chaikin Money Flow / green line below), the flow did not dip as far this last volatility cycle as the preceding dip. To me, this indicates a likely fast rebound once the markets calm.
In other news, on 15 February 2022, Synthetix explained "Dynamic Exchange Fees" in their blog (blog dot synthetix dot io) and how it eliminates "frontrunning" during volatility and will keep overall fees low when trading on Kwenta.
Additionally, on 15 February 2022, Synthetix released two updates. Well, one is actually an OCR protocol upgrade (SCCP-163) via Chainlink. The other is SIP-199 (they say 199 at the beginning of that blog article and 209 further in the reading) and is more exciting in my mind.
SIP-199 added Solana (SOL) synth on Optimism with shorting functionality. And if that isn't exciting enough, Synthetix (dot io) retweeted the following: "New #Synthetix intelligence from lead developer of @synthetix_io, @MattLosquadro: 5 new synths coming to @kwenta_io: #MATIC, #AVAX, #AAVE, #UNI and #EUR
So cool! The progress continues even as volatility makes for great SNX price entry... and I continue to earn my SNX tokens at 14 percent APY every Monday on Celsius Network. --Garry
For more info or ideas comment or read my other ideas.
SNX Finding a floor; The sky is the limitAs always, this is not financial advice. This is simply what I am doing.
It looks like the recent bear action has been especially unkind to Synthetix Network Tokens (SNX). But today is starting to look like it is establishing a floor last seen in June. I am still long on SNX as I believe in the team, the platform, the idea of free trading of derivatives across a spectrum of asset classes without a broker, and the scarcity of the token. Whether it feels like we are winning right now or not, it is a winning combination.
On a separate note:
How can I be so calm when I entered my SNX position at $9.88? We are sitting below $6.
My SNX token count has climbed to over 2,892 SNX. I have added almost 127 SNX tokens since 31 July 2021 when I moved my tokens to the Celsius Network. Every Monday, I receive an ever-increasing reward of SNX tokens in my account when they pay me a portion of the 13.99% APY interest. Yesterday, it was 7.275 SNX added. Next week, those tokens will be included when they count my interest up...and it will be just a little more than that 7.275. At this rate, my total token count doubles every 5 years. That is the power of compounding, baby!
So, if you bought in higher, let your token chill at Celsius Network and start earning you some serious interest. The price will rebound and more. Because of the updates and launch to Synthetix mainnet, I expect January thru February to be an absolute parabolic run for SNX!
If you don't own it yet, BUY some now!!!
After all, it is a quality item at a severe discount. That is how you make real money!
Sidenote: If you want my reference code to earn us both $50 worth of BTC for opening an account at Celsius, just ask me. TradingView does not want me advertising my referral code.
Good Luck! --Garry
;)
Synthetix (SNX): A Safer 4X in Next Couple of Months!---Kwenta Testnet Takeaways, Next-Price Orders, SIP 80 and 184, and Synthetix Bottom Line---
The following is taken directly from the Synthetix io Blog update, dated 1 December 2021 and titled, "Futures Update." These are only excerpts and you would be well served to read the entire blog update.
Kwenta Testnet Takeaways: "Much progress has been made and numerous lessons learned, culminating in a Kwenta testnet competition held in October. Overall, the testnet competition was a great success. The futures market functioned as intended, and also highlighted some opportunities to enhance the usability and efficiency of the platform without adding too much additional scope. One of the takeaways was that frontrunning still poses a legitimate risk on L2 if Synthetix is going to offer low fees for perpetual futures. This prompted the introduction of SIP-184, which dynamically adjusts exchange fees in response to price instability. With SIP-184 as a backstop against volatility, base exchange fees can be safely lowered. Research done as part of SIP-184 suggests that ~20bp exchange fees could be feasible, with the dynamic fee only kicking in ~1% of the time. Note that this is just an initial target, and further improvements are likely to support even lower exchange fees."
Next-Price Orders: "First and foremost, the transition to L2 has greatly improved the frontrunning situation for Synthetix. The scalability offered by Optimistic Ethereum enables Chainlink oracles to push updates much more frequently in a cost-effective way, thus allowing for spot synth exchanges with no fee reclamation and negligible frontrunning risk (with 40bp fees). The other main differentiator of Synthetix perpetual futures compared to other platforms is the role of funding payments. Traditionally, funding payments are used to align the futures market price with the spot price. Because trades on Synthetix are executed at the current oracle price, there is no need for such a mechanism. Instead, the funding rate is used to encourage balanced open interest and minimize directional risk incurred by SNX stakers. This brings us to next-price orders which, as the name suggests, are trades that execute at whatever price is reported in the next oracle update after a trade is placed. Because orders fulfilled at the next price update are inherently difficult or impossible to frontrun, they can be filled with an extremely low exchange fee and minimal or no risk of frontrunning. Note that next-price orders will exist in parallel with traditional atomic exchanges, and that atomic exchanges with a slightly higher fee will always be offered. The target user for next-price orders is predominantly arbitrage traders who will neutralize market skew to earn the funding rate (there will not be a UI for next-price orders initially). With lower exchange fees, these traders will be able to more efficiently neutralize even relatively small imbalances between long and short open interest. This will greatly reduce market risk passed onto stakers while also broadly lowering funding payments made by other traders on the platform. It is also expected that usage of next-price orders will decline over time as fees for atomic exchanges approach parity with next-price orders."
SIPs: "These two additions (SIP-184 and next-price orders) are relatively minor compared to the rest of the futures scope (outlined in SIP-80), but offer extremely significant benefits to users. Thus, the tradeoff of incorporating them in exchange for a slightly later launch date is well worth the effort. Currently, SIP-80 and SIP-184 are both code complete and under audit. The additional logic for next-price orders is in progress and close to being finalized. The next steps from there are testing SIP-184 on testnet (this week) to push fees as low as possible, then getting ready for mainnet with a target launch date in mid-January. The mainnet launch will be rolled out in several stages, gradually expanding maximum open interest caps as the effectiveness of the underlying mechanisms are validated."
BOTTOM LINE: "It’s been a long journey, but the light at the end of the tunnel is now clearly visible. In a little over a month, Synthetix will deliver a fully on-chain composable perpetual futures market on the highly performant Optimistic Ethereum layer 2, with top tier UX and unparalleled liquidity. While it would have been ideal to launch futures before the end of the year, more sUSD liquidity is still needed on Optimistic Ethereum and by the time mainnet launches there should be a significantly higher amount of SNX staked on L2 reducing the risk for everyone staking on L2. With the upcoming Debt Pool Synthesis, we will also have much more sUSD liquidity to leverage for futures traders."
Hopefully, this isn't too much to take in. There was actually a little more in their update, but it is good that they are keeping us SNX hodlers informed. My (Garry, not Synthetix Blog) only additional thought is, at today's cheap pricing, SNX is one helluva deal for the project/platform. In my mind, I am positive we will see SNX shoot past its previous highs seen earlier this year based solely on a quality product/project. This isn't your nephew's favorite meme speculation waiting on a tweet to make you rich. When SNX retakes and surpasses its old highs, it will not fall near as easily as that next Dog coin. This a much safer 4x in my mind in the next couple of months!!!
On a side note, I am increasing my SNX token count every Monday, earning additional tokens at 13.99% APY without the hassle of having to stake, validate or delegate my tokens. I just earned over 7 SNX yesterday, just like the week before and just like I will next Monday! If you want to do the same, I can give you my referral code to earn us both $50 worth of BTC if you do. TradingView does not want me advertising the exchange or my referral code here, but you can contact me if you want that info.
Synthetix Exchange is now KwentaIt occurs to me as I was fielding questions from friends who follow my picks, that any outside observer who clicks on the old dot "io" domain of Synthetix may believe Synthetix as a derivatives exchange has died and withered on the vine. Nothing could be further from the truth. If you don't follow their blog, you may have missed the transitioning that is occurring and the growth of the Kwenta platform. If you type in the old Synthetix "dot" Exchange, your browser will likely take you straight to the Kwenta landing page, powered by Synthetix. It does for me, but not all browsers perform the same. That "Powered by Synthetix" phrase under Kwenta's headline, "Derivatives Trading With Zero Slippage" is your big hint. So, Synthetix is still there, still transitioning, still moving forward. And it is still an awesome project/product and looking at this chart, the time it remains on sale at bargain basement pricing may be coming to a close soon. Get you some, while you can still afford it.
SNX: Another week, another upgrade!Synthetix Network and Kwenta are still blasting away at upgrades, or as they call them, "SIP's" which is an acronym for Synthetix Improvement Proposal. They also give weird "star" names to their SIP releases (in order of visual magnitude) which is all good, I suppose. What matters is they are in storm mode when it comes to improving and implementing. I love it. Where this may cause some occasional turmoil in usage and possibly hinder immediate price action, I see it as further reason to hold for the long term as I continue to grow my SNX coin/token count weekly at 13.99% APY by simply holding SNX in a Celsius Network account (If you decide to join me in earning high interest there, you can earn $50 in BTC by using my referral code 189218504d). Of course, we will reap the rewards in price action eventually, but on our own timeline. I am conservatively predicting a 300 percent gain over the next 6 to 9 months. And my 13.99% yield will compound in a doubling fashion every 5 years even without any price action increases. Yes, I did the math! Patience pays well!
Anyway, later today the Avior (the "star" name for SIP-182) release will implement a new upgrade on L2 only. During this release there will be no downtime on L1, but up to 3 hours of downtime L2. Here's what’s included in this release:
SIP-182- Wrappr factory: This SIP creates a new WrapperFactory contract that can deploy new Wrapper contracts to support any ERC20 token. The new Wrapper contract behaves like its predecessor (the ETH Wrappr from SIP-112) and will initially include a WETH wrapper, though more Wrapprs will likely be added in the future.
In layman's term, creating "wrapprs" has to do with creating synths or derivatives...potentially on anything tradable in the entire world, like Cryptos, FOREX, Stocks, Commodities, etc. Well, you get the idea; everything. This is the strength and foundational idea of the Synthetix Network (and Kwenta). If you want more info on what I am doing to generate that 13.99% in additional SNX tokens, feel free to ask in a comment.
Kwenta Futures Trading Competition via Synthetix/$50,000+ prizesI posted about this back on the 19th, with little fanfare. So, in an attempt to give it the attention it deserves, here are direct quotes from their blog:
"This competition will act as a demonstration of how perpetual futures trading on Kwenta will feel as we continue to refine the experience and prepare for the main net launch."
"Futures ...are unique in that they are built entirely using decentralized technology with the Synthetix protocol. Traders will benefit from the deepest liquidity...zero downtime during points of volatility...permissionless product...and, eventually, futures for a wide variety of assets outside of the cryptocurrency ecosystem."
"Be eligible to win part of a 50,000 sUSD prize pool and rare NFTs in prizes."
"Prizes:
1st place: 15,000 sUSD + Rare NFT
2nd place: 7,000 sUSD + Rare NFT
3rd place: 3500 sUSD + Rare NFT
4th-20th place: 500 sUSD
21st-100th place: 200 sUSD
NFT winners will be able to use their NFT to gain access to private groups and hidden features. All competition participants will also be able to acquire a POAP. The prizes listed above are guaranteed; however, there may be additional prizes…"
"The competition will run for 1 week."
"To trade synthetic assets and soon futures, visit Kwenta."
Anyway, there is more info on their blog including how to get started. I hope you have fun and I wish you luck!--Garry
SNX Updates: Two Items todayNote the following quotations are their words, not mine. I am just passing this on to my fellow SNX hodlers to keep you abreast of either delays or progress (I see it as both).
1. "Today (October 19, ~21:00 UTC) the Kaus release will begin, implementing a minor upgrade on both L1 and L2. During this release there will be no downtime on L1 or L2. Here's what’s included in this release: SIP-187 - Fix Partial Synth Updates In Debt Cache: Fixes an issue with partial updates of synths in the debt cache which is causing the cached debt value to not update after minting and burning sUSD. This release is called Kaus , which like all releases is named after a star (in order of visual magnitude)."
2. Also, the Synthetix folks "have been busy building the future of the Synthetix protocol and have launched our decentralized perpetual futures on testnet. All futures will be traded through Kwenta and to celebrate, we've launched a free trading competition for our community with up to $50,000 in prizes. The signup process is easy (you just need a wallet address and a twitter account) You can visit the Registration Page or for more detailed instructions, visit the Kwenta Blog. As a contestant, you will have the first public look at our new perpetual futures trading platform, powered by Synthetix. As the first truly decentralized and composable derivatives protocol, our perpetual futures are optimized by simulated liquidity, which helps ensure you get the best fill across any asset."
So, they have a few irons in the fire, which may actually be retarding price action for the time being, but in my humble opinion, an improved protocol will be a more valuable protocol. - TG-L
