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SNXUSDT

SNX: Resistance BreakoutTrade setup : Bullish breakout from Channel Down pattern and above $2.27 (200-day moving average) signals bullish trend reversal with upside to $2.60. Pattern : Price was trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout. Trend : Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis. Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening. Support and Resistance : Nearest Support Zone is $1.90, then $1.60. The nearest Resistance Zone is $2.60, then $3.05, and $3.40.
Long
by altFINS
SNX/USDT Breakout Alert! Upward Momentum ???💎 SNX has certainly drawn our attention with its breakout from the Descending channel, underscored by significant volume and an impressive upward movement. Presently, SNX finds itself at a pivotal juncture, necessitating a breach of the resistance to maintain its bullish momentum. 💎 Facing potential rejection at this resistance zone, and considering SNX is in a retesting phase on the resistance trendline of the Descending Channel, specifically within the demand range of $2.11 - $2.05, there's a possibility for a slight pullback to solidify the recent expansive gains. Yet, if it triumphs over the immediate resistance, SNX is poised for a smooth climb towards further supply levels and potentially the bearish OB zone. 💎 Amidst this retesting phase, it's crucial for SNX to demonstrate resilience, either by rebounding or showing a rejection pattern, to continue its endeavor to breach the resistance barrier and establish a stronghold above. 💎 Failure to do so could spell trouble, leading SNX to a vulnerable position at the lower demand level, and potentially triggering a further descent towards the critical support area.
by MyCryptoParadise
SNX LOOKS BEARISH (12H TF)From where I placed the red arrow, our diamatic seems to have started. We seem to be in wave e now. Wave e looks like a flat pattern. The red range is where we look for sell/short positions. I have specified the targets on the chart. When we reach the first target, save some profit and then change the stop to entry I also specified the invalidation level, closing 1 daily candle above this level will violate the analysis Comment if you have any questions Thank You
Short
by behdark
7
SNX Ready For a Potential Correction? Synthetix Analysis 💎Paradisers, focus on SNX/USDT! It's currently oscillating within a defined trading zone and is gearing up for a potential downward shift. 💎If this breakout materializes as anticipated, brace yourselves for a rapid corrective phase. 💎The dual confirmed order blocks on the shorter time frame are worth noticing. These areas are likely landing spots for the SNX, given the liquidity concentrated there. 💎Looking back at historical movements, we observed a shift from demand to supply, leading to a notable decline in Synthetix Price and zeroing in on the prior Order Block (OB). 💎In the fast-paced world of crypto, staying alert and adaptable is of the essence. Keep your charts up-to-date and stay tuned for more insights!
Short
by MyCryptoParadise_Simon
2
SNX/USDT bullish scenario? 👀 🚀 Synthetix Today Analysis💎 Paradisers,heads up! A thrilling opportunity is emerging with #SNXUSDT as it is currently positioned in a demand zone and is gearing up for a bullish trajectory. 💎 After a prolonged period, SNX has regained bullish momentum, steadfastly holding strong support at $1.884. It is highly probable that the price will mitigate above supply, achieving our target -1 in this process. 💎 Upon meticulous examination of Synthetix, we've noticed a previous shift where demand turned into supply, leading to a substantial downward movement in its price. Above, there is a major supply zone, and we anticipate the price will mitigate that level shortly. 💎 If you're contemplating trading, ensure to employ a proper stop loss and trade with prudence. Stay tuned for more insightful analyses!
Long
by MyCryptoParadise_Simon
SNX: Approaching SupportTrade setup : Following a bullish breakout from Channel Down pattern, price reached our target of $3.40 resistance. Price has now pulled back, broke below support at 200-day MA (~$2.40) and reached $2.00 support zone which could be a swing entry, albeit higher risk trade setup since overall trend is still down. That level held up in May and March. Trend : Downtrend across all time horizons (Short- Medium- and Long-Term). Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish). MACD Histogram bars are declining, which suggests that momentum is weakening. Support and Resistance : Nearest Support Zone is $2.00, then $1.60. The nearest Resistance Zone is $3.05, then $3.40.
Long
by altFINS
Synthetix / US Dollar (SNX/USDT) Token Analysis 11/09/2023Fundamental Analysis: Synthetix is in the process of constructing a decentralized liquidity provisioning protocol accessible for various purposes by any protocol. Its substantial liquidity and minimal fees act as the infrastructure for numerous exciting protocols on both the Optimism and Ethereum networks. A multitude of user-facing protocols within the Synthetix ecosystem, such as Kwenta (Spot and Futures), Lyra (Options), Polynomial (Automated Options), as well as 1inch & Curve (Atomic Swaps), harness Synthetix liquidity to empower their functionalities. Synthetix is developed on the Optimism and Ethereum mainnet platforms. The Synthetix Network is secured by collateral in the form of SNX, ETH, and LUSD, enabling the creation of synthetic assets known as Synths. These Synths mimic and generate returns based on underlying assets without necessitating direct possession of the assets themselves. This pooled collateralization paves the way for a variety of on-chain, composable financial instruments supported by liquidity sourced from Synthetix. Some of the most highly anticipated forthcoming releases from SNX include Perps V2, which seeks to enable cost-effective on-chain futures trading by leveraging off-chain oracles, and Synthetix V3, designed to rebuild the protocol in line with its original objective of becoming a fully permissionless derivatives protocol. You can find more information about Synthetix on their blog or by joining the SNX Discord community. The platform's mission is to expand the cryptocurrency realm by introducing non-blockchain assets, thereby granting access to a more expansive and robust financial market. Synthetix operates as a decentralized exchange (DEX) and serves as a platform for synthetic assets. Its architecture is designed to provide users with exposure to underlying assets through synths, eliminating the need to hold the actual assets themselves. This platform empowers users to autonomously trade and exchange synths, while also offering a staking pool where SNX token holders can stake their tokens and receive rewards in the form of a share of transaction fees from the Synthetix Exchange. To track the underlying assets, Synthetix employs smart contract price delivery protocols known as oracles. This approach ensures that users can seamlessly trade synths without encountering liquidity or slippage issues, and it eliminates the requirement for third-party intermediaries. SNX tokens play a crucial role as collateral for the minting of synthetic assets. Whenever synths are generated, SNX tokens are locked up within a smart contract. Since its inception, the protocol has transitioned to the Optimistic Ethereum mainnet to mitigate gas fees on the network and reduce oracle latency. The SNX token is compatible with Ethereum’s ERC20 standard. The Synthetix network is secured through proof-of-stake (PoS) consensus. Synthetix holders stake their SNX and earn returns from the network fees. Another way for SNX stakers to earn rewards is via the protocol’s inflationary monetary policy, known as staking rewards. The maximum supply of SNX is 323,506,696 coins, of which 269,871,212 SNX is in circulation as of September 2023. At the seed round and token sale stages, Synthetix sold more than 60 million tokens and was able to raise $30 million. Of the total 100,000,000 coins issued during the ICO, 20% was allocated to the team and advisors, 3% to bounties and marketing incentives, 5% to partnership incentives and 12% to the foundation. The network was initially launched in September 2017 by Kain Warwick under the name Havven (HAV). Approximately a year later, the company underwent a rebranding, adopting the name Synthetix. Kain Warwick, the founder of Synthetix, also holds a position as a non-executive director at the blueshyft retail network. Before establishing Synthetix, Warwick had been involved in various other cryptocurrency projects. Additionally, he is the founder of Pouncer, a live auction site exclusive to Australia. Peter McKean, serving as the project's CEO, boasts over two decades of experience in software development. Prior to his role at Synthetix, he worked as a programmer at ICL Fujitsu. Jordan Momtazi, the COO of Synthetix, brings to the team his expertise as a business strategist, market analyst, and sales leader, with a wealth of experience in blockchain, cryptocurrency, digital payments, and e-commerce systems. Justin J. Moses, the CTO, formerly held the position of director of engineering at MongoDB and served as the deputy practice head of engineering at Lab49. He also co-founded Pouncer. Technical Analysis: As we observe, the price has experienced a decline from its all-time high (ATH) of $29 and is currently fluctuating within the Fibonacci retracement levels of 88.6% and 95%. Within this range, there are two noteworthy price support zones at $0.8 and $0.3. We have identified three potential price targets: First Target Price (1TP): $28.8 Second Target Price (2TP): $36.5 Third Target Price (3TP): $46.5 Furthermore, we can regard the major Fibonacci retracement levels as potential resistance levels, which we have indicated on the chart. Sentiment Analysis: Considering the possibility of depreciation in the total market capitalization of cryptocurrencies and the price of Bitcoin (BTC) in the upcoming months, it is reasonable to consider employing a Dollar Cost Averaging (DCA) strategy for long positions at the specified support levels.
COINBASE:SNXUSDLong
by BitonGroup
8
SNX ANALYSIS (4H TF)After hitting the red box above, which is an order block, it was rejected towards the bottom. I have marked another red box below, which is the new place to open sell/short positions. From the lower red box, we can move towards the targets to complete the waves. I also specified the invalidation level For risk management, please don't forget stop loss and capital management When we reach the first target, save some profit and then change the stop to entry Comment if you have any questions Thank You
by behdark
3
SNX/USDT Breakout the Descending Channel !!! Bullish Momentum ?? Yello Paradisers, SNX Analysis: Bullish Breakout with Strong Volume 💎 SNX has successfully broken out of its descending channel pattern, backed by significant trading volume. 💎 Prior to this breakout, SNX tested a key support area twice. The first test led to a bounce and subsequent rejection at the supply level, followed by a gradual decline back to the key support. 💎 On the second test, SNX bounced strongly, leading to the breakout of the descending channel. This sets the stage for a bullish continuation for SNX. 💎 Entry Strategy: You have two options for entry. You can either enter now or wait for SNX to retest the near demand area around $2.05 following the breakout. SNX shows strong potential for further upward movement. 💎 Invalidation Scenario: This bullish outlook will be negated if SNX closes below the key support level.
Long
by MyCryptoParadise_Nathan
9
Top Watch Alts💎 FLUX , HOP , SNX & WLDHi Traders, Investors and Speculators of Charts📈📉 I'm constantly on the lookout for projects with great potential. Microcaps often x10, x100 or even x1000 if you're lucky enough to catch them early AND take profits. Today I'll share some projects I'm watching. You'll notice they all currently have great entry points, and are ideal for accumulating. ⭐ FLUX : Flux is a blockchain-based platform that aims to provide decentralized computing services and blockchain-as-a-service solutions. It has its own operating system (FluxOS), wallet (Zelcore), and development program (FluxLabs). FluxOS is a custom-built Linux operating system that is designed to be specifically optimized for running Flux nodes. It is lightweight and efficient, making it ideal for running on a variety of hardware platforms Flux uses a native POW (proof-of-work) coin called FLUX to power its ecosystem. FLUX coin is mined via a proof-of-work (PoW) consensus mechanism and can be staked, bought, sold, and traded. Holding FLUX also enables you to run your own Flux Node on the network, meaning you can earn even more of the coin. Flux is a very promising platform with a lot of potential. It is still under development, but it has already made significant progress. I believe that Flux has the potential to become a major player in the decentralized computing space. ⭐ HOP : Hop is a multi-chain bridge that allows users to transfer assets between different Ethereum Layer 2 (L2) networks and Ethereum mainnet. It is a trustless bridge, which means that users do not need to trust any third party to keep their funds safe. Hop uses a novel approach to bridge liquidity between different networks, which allows for fast and cheap transfers. Hop works by issuing a cross-chain Hop token that can be quickly and economically moved between L2s or claimed on layer-1 for its underlying asset. Automated Market Makers (AMMs) swap between each Hop bridge token and its corresponding Canonical Token on each rollup in order to dynamically price liquidity and incentivize the rebalancing of liquidity across the network. Hop is a valuable tool for users who want to move their assets between different L2 networks or Ethereum mainnet. It is fast, cheap, and trustless, making it a great option for users who want to avoid the high fees and centralized nature of other bridges. ⭐ SNX : Synthetix is a decentralized finance (DeFi) protocol that allows users to mint synthetic assets, which are tokens that track the price of an underlying asset. The underlying assets can be anything from fiat currencies to cryptocurrencies to commodities. Synthetix is built on the Ethereum blockchain and uses the Synthetix Network Token (SNX) as its native token. To mint a synthetic asset, users must deposit SNX into a Synthetix smart contract. The amount of SNX deposited must be at least 750% of the value of the synthetic asset that is being minted. This is to ensure that there is always enough collateral to back the synthetic assets that are in circulation. Once a synthetic asset is minted, it can be traded on the Synthetix decentralized exchange (DEX). The DEX is a permissionless exchange, which means that anyone can trade synthetic assets without having to go through a centralized exchange. Synthetix is a powerful tool for traders who want to gain exposure to a wide variety of assets without having to actually own those assets. It is also a valuable tool for hedging against volatility in the cryptocurrency market. ⭐ WLD : Worldcoin is a cryptocurrency project that aims to distribute free tokens to everyone in the world. The project is led by a team of scientists and engineers who believe that Worldcoin can help to create a more equitable and inclusive financial system. Worldcoin uses a novel approach to distributing tokens called the Orb. The Orb is a handheld device that uses eye scans to verify that users are real people. Once a user's identity has been verified, they are airdropped a small amount of Worldcoin tokens. Worldcoin is a proof-of-stake cryptocurrency, which means that it is more energy-efficient than proof-of-work cryptocurrencies like Bitcoin. It has a total supply of 100 billion tokens and is currently in the process of conducting a pilot program in Kenya. Worldcoin is still in its early stages of development, but it has the potential to be a major player in the cryptocurrency space. The project has a strong team with a proven track record, and it has the backing of a number of high-profile investors. _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck
Long
by CryptoCheck-
37