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Synthetix

$SNX Synthetix Quick Analysis Overview ( @synthetix_io )Hello there ladies and gentlemen, BulloTaurus here with a quick analysis for today . Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets. We have various clues that BINANCE:SNXBTC can go higher by breaking the rising wedge on daily timeframe. Thing that make me bullish is the VPVR indicator, it shows a lot of trading volume on the level we are now, it usually means that it might act as support or resistance in long-term vision. Trade altcoins wisely in this period, because one strong move by Bitcoin you can lose 10-20% of your position, so always use stop loss to avoid that happening. Peace. 🍌 Please read the description 1-2 times including the Disclaimer before commenting 🍌 P.S. You're awesome! You can't be successful in all your trades, 30-40% is already higher than average traders you see!
Long
by BulloTaurus
✳️Synthetix Network/USDT (8/12) View + Trading Plan #SNX $SNXSNX is on a very strong recovery after falling from 5.5$ to 3.5$ and currently SNX is consolidating the 5-5.5$ zone as a springboard for a breakout to the 6.5$ zone and even the 9$ and 10$ zone this December However, if SNX is still rejected at 5.5$, it will correct to 4.5$ and then rebounds. The 4.5$ zone is the last support zone for this uptrend. 📈BUY- LONG -Buy: 5.5-5.75$ if A. SL if B 📉SELL-SHORT -Sell: 6.5-6.75$ if B. SL if A -Sell: 8.75-9$ if B. SL if A -Sell: 10-10.5$ if B. SL if A ♻️BACK-UP -Sell: 5.5-5.75$ if B. SL if A -Buy: 4.25-4.5$ if A. SL if B -Sell: 4.25-4.5$ if B. SL if A -Buy: 3.5-3.75$ if A. SL if B -Sell: 3.5-3.75$ if B. SL if A -Buy: 2.25-2.5$ if A. SL if B ❓Details Condition A : "If 1D candle closes ABOVE this zone" Condition B : "If 1D candle closes BELOW this zone"
Long
by CryptoStation
SushiSwap and Synthetix lead DeFi tokens in recovery The cryptocurrency market is in consolidation but SNX and SUSHI are flying the bullish flag high. Synthetix is poised for a 60% upswing above the ascending triangle pattern. The cryptocurrency market is awfully quiet since the week started. The weekend session saw some considerable movement, amid the push by the bulls to recover from the losses incurred last week. However, SushiSwap (SUSHI) and Synthetix (SNX) appear to have broken away from the rest to post the biggest double-digit gains among the top 50. SushiSwap breakout eyes $3 SUSHI/USD is up 13% in the last 24 hours. Recovery was significant after the dip to levels slightly under $2. An ascending parallel channel has come into the picture and even boosted the price action after the middle boundary resistance was broken. Meanwhile, SushiSwap is trading at $2.6 while dealing with the uphill battle of breaking above the channel's upper boundary. The Relative Strength Index seems to have reinforced the bullish outlook with its movement into the overbought region. SUSHI is likely to continue with the upward motion until the RSI starts to reverse due to overbought conditions. Synthetix rally is in the initial stages Synthetix has rallied over 16% in the last 24 hours. The decentralized finance token is trading at $5.45, as bulls push to sustain gains above the already broken x-axis of the ascending triangle pattern. The RSI is in tandem with the upward momentum, moving higher within the overbought region. If the breakout above the triangle is sustained, Synthetix could swing upwards by 60% to trade close to $10. For now, rising above the hurdle at $6 is key for the continuation of the uptrend. On the downside, a correction will seek refuge at $4.75, a region highlighted by the 50 SMA and the 200 SMA.
BINANCE:SNXUSDLong
by CoinGape
Synthetix about to go Supernova. SNXUSDOn the Binance chart, it just looks like have too many started fractals to count. I have confirmed pivot (blue line), so all this potential growth is that much more real. Yet, still in early stages confirmed by 1-2 1-2 patterns. I suppose my preliminary goals would by first W1max then FibExtensions at 1.4 then 1.6. Either way, strong evidence that we are going up on this one. Some preliminary targets are painted in in green, and invalidation in red as always. Good luck, traders - and remember nothing I ever say is financial advice. Do your own work and make up your own mind.
BINANCE:SNXUSDLong
by Rykin_Capital
SNX - which option is playing out?Hi good people! I am looking at this descending triangle or possibly a falling wedge on SNX for some time now. It has played out on the trendlines pretty precise. It is going to breakout for sure, the question is to which side? For descending triangles, textbook says - down. For a falling wedge, textbook says - up. Maximum size of the move after breakout = 2.7 Two possible scenarios as I see it: - BULL option breakout - takes us to app. 6.4, with certain stops on the way for sure - BEAR option breakout - takes us down to ATL at 0.6 (is this even possible?) - and a bonus third option - none of the scenarios play out! I would be happy to know your thoughts! How do we play this one out? Thank you for the attention!
BINANCE:SNXUSD
by flyfreebaby
SNX Maintains a Bearish OutlookSynthetix Network (SNX) has been one of the most profitable investments this year. However, the token is now facing a bearish outlook. Recap: The Synthetix project is among the largest exchanges in decentralized finance. They have partnered with ChainLink to bring information about asset prices to blockchain without the need of a central party. Synthetix allows its clients to trade cryptos, currencies, precious metals, stocks, and other assets in the form of ERC20 tokens. This innovative system enables clients to "bet" on an asset's price without actually holding it (similar to CFDs). SNX on the Chart SNX rose to its all-time high of $7.75 on September 10, marking a 540% growth from January of this year. However, for the past three weeks, the token has maintained a bearish outlook comprised of lower lows and lower highs. An adequate strategy to identify the short-term direction in the crypto market is the 10 and 30 Exponential Moving Average (EMA) crossover. When the 10 EMA crosses over the 30 EMA upwards, a buy signal is given, and if it crosses the 30 EMA downwards, a sell signal is given. This strategy provides many fake signals in a ranging market, and you shouldn't rely solely on it. However, when the market has a clear direction, the strategy works well in identifying the trend. We have received a bearish signal from this strategy on September 30th. If the price is unable to break the red trendline we drew, then we could use it as confirmation together with the bearish crossover of the 10 and 30 EMA that the token will continue selling off. There has been a reliable support between $3.8 and $3.5, which caused the token to bounce twice. If the price reaches that level again, then there is a strong chance that the token will bounce, especially if the general markets turn bullish. If that level breaks, then we can expect the price to reach the next support level at $2.75.
by cryptohopper
3
Synthetix Technical Analysis: SNX Flips Resistance Into Support Synthetix price bounces off support at $3.40 in readiness for a breakout to $5.00. SNX/USD is drawing closer to the resistance at the 50EMA, likely to delay the bullish scenario. Synthetix Network Token price fell in tandem with other decentralized finance (DeFi) tokens. The lending, borrowing, and liquidity ecosystem has been dealt a heavy blow amid the downtrend in the market. Synthetix cut short the recovery staged following the dip in the first week of September. A step above $6.00 was key for the bull run towards $10.00 but it found the bulls exhausted and the bears ready for revenge. The declines followed the confines of a parallel descending channel. Support at $3.40 came in hardy, preventing the bearish leg from extending to $3.00. A reversal is currently underway. SNX has already stepped above $4.00, support confirmed earlier in September. Moreover, the DeFi token trading above the parallel channel, after a bullish flag confirmation. The uptrend is highlighted by the Relative Strength Index (RSI), after a sustained recovery from the oversold region. If the RSI maintains the positive gradient into the overbought zone, SNX is likely to continue with the uptrend aiming for levels above $5.00. The resistance at the 50 Exponential Moving Average (EMA) must, however, come down for the expected gains to materialize. More hurdles are envisaged at the 100EMA in the 4-hour range. On the flip side, short term support at $4.00 must be guarded at all costs. Otherwise, SNX could resume the downtrend, eyeing $3.00. Synthetix Intraday Levels Spot rate: $4.25 Relative change: -0.025 Percentage change: -0.8% Trend: Bullish Volatility: High
BINANCE:SNXUSDLong
by CoinGape
1
Synthetix BTC pair forms picture perfect Cup&Handle + Inv H&SAlready above the inverse head and shoulders neckline here and it's measured move breakout target should take price action above the rimline of the cup and handle which is one of the more perfectly rounded cups I've seen in awhile. As always it's wisest to wait until the cup and handle breakout confirms here but probability looks to be favoring it slightly considering it already seems like the inv h&s seems to be confirming. *not financial advice*
Long
by DrDovetail