SNX Bullish SharkSNX has a bullish shark that made a 100% retracement with the PCZ right at 7. The main targets are 11 (B) , 14.5 (A) , 15.8 (C).
SNXPERP trade ideas
SNX Clawing backThis is a one-hour chart. As you can see, Synthetix was taking a beating along with much of the altcoin market only to fall off a cliff a day ago. I'd refer to this as a black Friday sale on SNX! If you missed out at that price, you likely missed out forever. Now, Synthetix Network Tokens begin their long climb out of this hole on the heels of a multitude of SIPs (Phase One V2x updates delivered since August!!!):
Mirfak; SIP-174 - Deprecated Synth Redemption, SIP-142 - Deprecating EtherCollateral loans, SIP-170 - Inflation Diversion for L2 Incentives
Wezen; SIP-169 - Deprecate low volume synths, SIP-158 - Deprecate iSynths
Sargas; SIP-135 - L2 Shorting
Kaus; SIP-187 - Fix Partial Synth Updates In Debt Cache
Avior; SIP-182 - Wrappr Factory
Alkaid; SIP-120 - TWAP Exchange Function, SIP-189 - Add LUSD/sUSD Wrappr on L2
Governance Changes; SIP-155 - Deprecating the synthetixDAO, SIP-157 - ambassadorDAO Mandate, SIP-159 - Formalize Thales Governance, SIP-160 - Updated SIP Workflow, SIP-167 - L2 Bridged Governance, SIP-168 - Governance Participation Program, SIP-177 - Formalize Kwenta TreasuryDAO, SIP-178 - Formalize Kwenta Interim Council, SIP-179 - Kwenta Independence
Here are a few quotes from Kain Warwick (Synthetix founder) taken directly from the Synthetix blog dated 25 November 2021, titled "Debt Pool Synthesis."
-"...additional engineers that have joined the CC's have enabled us to maintain a delivery cadence that has been consistently high for over six months now."
-"Chainlink is developing two novel oracles for the Debt Synthesis, the first oracle will read the size of the debt pool on each network and then combine these values so that both networks are in sync with respect to the combined debt pool size.|The second oracle will read the total supply of the debt shares contract described above and push the combined total supply of debt shares on both networks onto each chain."
-" Though the CC's are working as hard as possible to close out each SIP and get them audited before we wind up 2021. With liquidations being enabled on L2 this week there is likely to be a push to migrate more inflation and lower the c-ratio on L2 to get some additional Synth liquidity onto the Optimism network."
-"Given that the V3GM is also scheduled to be deployed for V2x governance early next year there are still a lot of changes slated for the current network. However, the V3 squad is making amazing progress on the architecture and has started development on the V3GM already so as always there are multiple simultaneous threads in play for the CC's. The last five weeks of the year are going to be incredibly busy."
There was a lot to digest in his latest blog update, so it is well worth the read if you believe in the incredible potential of this platform and token, as I do. So, look at the 1-hour chart attached and mark my words here as preparation for what may come. I believe there is only upside from where we were yesterday. No, I don't predict. But I am prepared to HODL. All you can do is prepare. I bought in at $9.88 per token, but I also know if I don't sell now, I haven't locked in my losses. Good things are coming. Again, note yesterday's bottoming. Mark it on your calendar. If you bought in then or soon after, I believe you will feel like a hero by early next year. I think I will continue to add to my position (see my other posts). Good luck!
SNXUSD: Bullish Gartley & Bullish Shark Confluence Zone IncomingIt's been a long time waiting on this trade but soon SNX will be pulling back to the .886 which is confluent with what is some sorta huge Bullish Bat/Bullish Gartley Hybrid and a smaller Bullish Shark. It would be nice if we hit the PCZ then break the trendline of our Bullish Dragon.
We have room to go up 300% upon breaking the trendline of our Bullish Dragon.
SNX been sitting on this support line triangle tip. Breakout?SNX Synthetix has now been sitting in this new micro consolidation between 7.8 and 8.3. It's only been for a few days.. before that I was hoping we would see a support bounce but it never came then fell a bit.. we are still at the bottom of this pattern which makes the pump and break still possible. I'll be watching.. I feel like if we can get to 8.5 at this point we might actually see that break action happen.
Synthetix: another 10x bagger digital asset (long-term view)Synthetix appears to have bottomed when looking at the long-term view and has now began its 5th cycle wave that could propel its price as high as $200. However in the short-term it's slightly bearish before resuming it's uptrend.
SNX Synthetix 1D - Big Move Up ComingHello friends, today I am completing a technical analysis on the 1D linear scale chart for Synthetix (SNXUSD), a cryptocurrency altcoin.
In the chart I noted:
1) Synthetix price has respected the bottom trendline since October 2020 and most recently touched the trendline and bounced off of it. It is still hovering around this area.
2) Around the end of November 2020, the price began it's parabolic move of about 600%. That move ultimately brought the price back to the bottom trendline after 234 days. Assuming from that day to 234 days into the future (Feb 2022), we could see the price once again touch the top trendline which it has not touched recently as the price has been consolidating since May 2021.
3) Assuming we begin the move upwards, that would be a 130-135% gain in Synthetix price. This wouldn't be an immediate move up as we have Support and Resistance areas to overcome.
4) Also the RSI (relative strength index) is about to potentially form a double bottom, which could drive the prices higher as shown historically.
5) If the price touches the top of the trendline and has a breakout of the long term triangle pattern, we could see a significant price upside.
6) The Volume over the past few weeks has been less, which is usually not the case. This may be a signal that a move is coming.
7) If the price breaks below the bottom trendline and stays below it for more than a few days, this idea may be invalidated.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
SNX up 50% soon ? 1:3 trade ideaWe are facing nice demand zone that worked well in the past and we are also trading at current value area low.
SNX seems strong also against BTC at the moment so I expect a nice rebound from here, let's see if the others buyers agree.
The trade setup has the entry above my demand level and stop loss below it, the target is near the POC of the current value area
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.
11. again & 13.-14. if I do expect another touch of 11.1-11.5, and a break upside the area would make me aim at 13.-14. next
More testing of 9.0-9.5 would be probably done before this happens.
The 9.0 as been a resilient support, and as long ad we don't break under on heavy supply, which would make me look at around 7.5 as next area where supply could weaken & give a even better entry.
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SNX UpdateSNX is coiling up for a move to the upside, the entire market is very bullish at the moment. Make use of this because we dont get this always.
SNXUSDT - Investing - TargetsLong Order
Order 1: 10.30
Long Target
Order 1: 51.765
Order 2: 132.236
Order 3: 337.805
#SNX Synthetix 1D - Move comingSynthetix SNX is in a large triangle pattern but let's look at the small descending channel for now. It seems that there may be a potential breakout coming up. If SNX breaks the resistance around $13, it may get a chance to move higher.
What are your thoughts? Comment below, hit the like and follow me. Thank you!
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoins
SNX potential to increase 120% to 250%#SNXUSD
$SNX is a low cap coin that didn't increase yet.
price is inside a triangle that break out from upper line can lead price toward resistance zone which is more that 40% increase. first target of this triangle can be around $22 (120%) and if in long term price can touch $35 (250%) and more to touch last target of triangle.
if price break down the lower line of this pattern the bullish scenario will be invalid.
Synthetix Up 12.47% from PreliminarySNX has netted me 12.47% gains in 24 hrs. This was from a 13.40 preliminary entry I took on 9/15. We are expecting more to come!
Prognosis: I'm looking for the .618 Fibonacci as a potential target, until then I expect retests of the .272 key support level.
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SNX/DEFI : Banana of BloomWhat is this chart? Essentially, it shows the performance of SNX vs an index of 25 Defi coins, such as LINK, SOL, CRV, etc.
We're looking at a few things:
First off, it's clear that SNX has massively underperformed the DEFIPERP index as a whole. With some rare, short-lived exceptions, it's been in a downtrend since Jan 2021. Second, notice the rounded bottom. This, alone, is an indication of a potential reversal.
Yellow channel (🍌) points to increasing volatility, which would make sense given SNX' history and the extended accumulation spanning over half a year.
Keep in mind this doesn't chart the price per se, but more of a strength/weakness compared to other Defi coins. What does this mean in practice?
Should Defi coins go up, SNX should see more gains compared to others.
Should Defi coins go down, SNX should see smaller losses.
That is all, no buy or sell signals. Don't ape in. Simply a bullish bias over the upcoming months.
PS: This is not financial advice.
SNX/DEFI: Slumber's EndSNX is stuck in a massive 6-month long falling wedge against the DEFIPERP index and it looks like it's gearing for a breakout.
I marked some areas of interest where I will be looking to rotate out of SNX in between cycles.
It's hard to estimate when such targets could be reached however. Certain catalysts, like the futures launch, could send it flying in a short burst. I actually expect that SNX will continue with this pattern of spike and slow bleed over extended periods of time. It's soul-crushing, a MM recipe's for making millions repeatedly.
PS: This is not financial advice.
Synthetix is about to popI made a chart a few months back called "Synthetix quietly breaking the downtrend" that is linked in this chart as well. The circled dragonfly doji candle is what marked the end of the downtrend and new upswing starting.
Anyway,, I think the quiet time might be over and it's about to make some loud noises. As soon as it breaks above it's down trending resistance it should explode upwards.
Let's keep an eye on it and see how it goes.
Synthetix #SNX 1D - Move is comingSNXUSD 1D Chart. Possible run up to the top of the trend line? RSI and Stoch RSI seem to be ready for the move.
I also presented the resistance and support area circled. Keep an eye on this.
What are your thoughts? Comment below and hit the like please. Thank you!
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoins
Added More HereSNX can move very quickly and quietly. Target $22 at 76% Fib level. Plan to hold this to the target at least, also can take us all the way to 1.25x the ATH level (do it with 50% position).
11.5 & 13.5 if I would expect another touch of 11.5 & even 13.5, and a signs that we are in fact leaving the cycle, would be a break upside 10. With retest of it on light supply and maintained demand showing SOS. Unless we break under 9. Which then would make look around 7. For entries on light supply.
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And here we can even see Accumulation characteristic ( which can be more detailed if needed)
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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.
