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Synthetix

SNX/USDT In the crucial Area. It required for Break out or Down💎 SNX has indeed garnered significant attention in the market due to its remarkable uptrend. Having broken out of the descending channel, SNX has demonstrated a substantial upward trajectory post-breakout. 💎 Currently, SNX is in a phase of consolidation within the supply zone, and it faces a critical juncture where it must surpass the resistance level; failing to do so may result in a retracement to the support area to gather momentum for another upward push. Should SNX manage to breach the supply level at $2.56 and sustain a close above it, it would confirm the bullish intent, potentially propelling SNX toward our projected target in the major supply zone. 💎 Conversely, in a less favorable scenario, if SNX retraces to the support zone without showing signs of a bullish rejection or a bounce, it could indicate vulnerability at this level. A breakdown or loss of support could precipitate a return to the strong demand area, signaling a bearish shift in momentum for SNX.
by MyCryptoParadise_Nathan
5
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 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/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
SNXUSD hit both the 1D MA50 and MA200. Bullish or bearish?Synthetix (SNXUSD) is testing today both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line) following a 6 day rise after a -42.20% decline from the July 14 High. Such a decline was last seen on the May 12 low, where the price rebounded like now but failed to close above the Resistance of the previous Lower High and dropped more to touch the Higher Lows trend-line (bottom) of the 1-year Triangle pattern. As a result we are buying short-term but our target is limited to the 2.6500 Resistance. If it closes a 1D candle above it, we will extend buying to 3.1300 (Resistance 1). If the price closes a 1D candle below the 0.618 Fib (which didn't happen during the June rebound), then we will wait for a lower risk buy near the Higher Lows trend-line again (targets will remain the same). Note that, as with now, there has been a MACD Bullish Cross on both May's and June's price increases. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:SNXUSDLong
by TradingShot
Synthetix Network token SNX price starts a difficult upward moveRecently, SNXUSDT price has finally managed to break out of a prolonged downtrend. We assume that the current local price consolidation outside of the downtrend is coming to an end. And the SNX price may have quite a bit of growth ahead. Take profit 1 - $3.55 (+25%) Take profit 2 - $3.85 (+35%) Take profit 3 - $4.40 (+55%) _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
Long
by P_S_trade
42
SNXUSD: Bullish but approaching a Resistance. Trade breakout or SNXUSD is haveing the strongest two week streak since July 25th 2022, whose High formed R2 (4.4450). The R/R in buying that deep into the bullish wave is not favorable as despite the R1 at 3.3900, the price has the 1W MA200 as its main Resistance, which has not allowed weekly candle closings above it for 11 months (since August 15th 2022). Consequently with the 1D time-frame highly overbought (RSI = 76.564, MACD = 0.230, ADX = 34.978), we will wait for a buy either after a pullback to the 1D MA50 or after a 1W candle closes over the 1W MA200. Either way, our long term target is the R2 (TP = 4.4450). Keep in mind that the bullish trend on the long term is favored as the 1W MACD completed a Bullish Cross last week, under the 0.00 level, which shows significant upside potential. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CRYPTO:SNXUSD
by InvestingScope
SNXUSD Gave a major break out buy signalSynthetix / SNXUSD crossed today over not just the 4 month Channel Down but also the 1 year Falling Resistance (since the July 28th 2022 High) and the 1day MA200. That is the strongest break out buy signal we could get on the medium term as despite stopping at Resistance A, it is repeating the rise of January, which after getting the 1day RSI overbought, it formed a Channel Up and peaked near the 1.5 Fibonacci level. Buy now and target the new 1.5 Fibonacci at 3.70000. Follow us, like the idea and leave a comment below!!
CRYPTO:SNXUSDLong
by TheCryptagon
SNX Synthetix Triple BottomSNX (Synthetix) has recently formed a triple bottom pattern, indicating a potential bullish reversal in the near term. The triple bottom pattern is characterized by three successive lows at approximately the same level, followed by a potential breakout to the upside. This pattern often signifies a strong support level and can foreshadow a price rally. Considering the formation of the triple bottom pattern, SNX may be poised for a potential price target of $2.40. This target represents the potential upside that could be achieved if the pattern plays out as anticipated. Looking forward to read your opinion about it!
Long
by TopgOptions
SNXUSD at the top of the 3 month Channel Down.SNXUSD hit today a triple Resistance Zone, the top of its 3 month Channel Down, the MA100 and the MA200 (1d). Until the price closes over the Channel Down, the trend remains bearish. Trading Plan: 1. Sell on the current market price. 2. Buy above Resistance (1). Targets: 1. 2.000 (Rising Support). 2. 3.000 (Resistance 2). Tips: 1. The RSI (1d) hit its Rising Resistance. If broken it will be a first sign that the Channel Down may break upwards. Also this is a bullish divergence as it is the opposite of the Falling Resistance of the Channel Down. Please like, follow and comment!!
CRYPTO:SNXUSD
by TradingBrokersView
SNX- Next to PUMP? Has been a great past few days for me with some insane calls, especially AAVE yesterday and already on SNX: They way i operate is this: I work on many charts, i choose the best one. At this time of time I like SNX chart a lot: close to support, has potential for much higher. NEWS: Synthetix founder wants to buyback and burn millions of SNX tokens QUICK TAKE Kain Warwick, the founder of Synthetix, has come up with twelve proposals to incentivize the next phase of the project. Among these included a “SNX split and buyback” proposal that involves a 3:1 split of SNX, followed by a buyback and burn. Kain Warwick, founder of decentralized derivatives trading protocol Synthetix, proposed 12 substantial governance proposals to propel the platform into its next phase. These initiatives strive to broaden Synthetix’s capabilities and stimulate increased participation from its community members, as outlined in Warwick’s “State of Synthetix” post. A significant proposition is the “SNX split and buyback” proposal in the post. Warwick suggested a 3:1 split of SNX, followed by a buyback and subsequent burn using the Treasury’s fee yield. “Should we proceed with a 3:1 split, we would have approximately 90 million additional tokens for buyback and burn, with a market price of $60 million,” Warwick explained. The founder further clarified that the funds required to burn these tokens would be sourced from the treasury fee yield. Introducing quarterly bonuses Another proposal, termed the “core contributor alignment,” seeks to incentivize project contributors by distributing Synthetix Network Tokens (SNX) as quarterly bonuses. Warwick believes this strategy could secure ongoing commitment to the protocol’s success from the platform’s contributors. Additionally, Warwick proposed the allocation of SNX for trading incentives. This aims to stimulate trading volume and foster increased market activity on the Synthetix platform. Beyond this, he suggested giving SNX to stakers to boost their involvement and commitment to preserving the platform’s stability. The Synthetix platform supports decentralized derivatives trading within its liquidity pools, which currently boast a total value locked (TVL) of over $420 million on Ethereum and the Optimism Layer 2 network. The purpose of presenting proposals, Warwick said, was to start a conversation and ensure the Synthetix community is kept in the loop about potential directions for the platform. The proposals will be put to a vote by the Treasury Council (TC), Synthetix’s four-member governance body, which is responsible for resource allocation for the protocol’s expansion and growth. Currently, these suggestions remain in the conceptual stage, needing votes to progress. “Nothing has been confirmed by a Treasury Council vote yet; however, many of these proposals have garnered support within the ,” Warwick commented. Link: www.theblock.co Looks like Synthetix is a good idea for me.. Targets: 2.45 2.8 3.7 Support: 2.154 1.968 One Love, The FXPROFESSOR PS. And let's hope market opening helps now
Long
by FX_Professor
8