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SNXUSD trade ideas

SNX All signs Point to 8.00 long term. Mindful TradingNot financial advice All charts are made on current market conditions. Things of note: Stop loss 1.75 Holding 1.47 even on the pullbacks is what will count long term. If you notice the window from the start of this token . That was a 420% box. We can apply that same metric from the low of 1.47 to determine a top That numbers resides roughly at 8.00. Concerning indicators: Please notice parabolic curve forming on RSI As well as upwards momentum on STOCH RSI with the 92 level highlighted as overall it's still a descending trendline on the Stoch Rsi. Don't expect it to go to 8.00 overnight and again a retest of the 1.47 area is okay. The key is maintaining that level to go after 8.00 One of the top 5 picks I had for Dollar Cost averaging into the month of November. This started at the 1.85 level and will continue for me . Always practice patience and do your own research. #PIK Patience Is Key #TLAW Think Like A Whale
CRYPTO:SNXUSDLong
by ThinkLikeaWhaleTLAW
2
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
✴️ Synthetix Easy 90% Target Mapped | The Master TraderIt is pretty obvious already what is happening here. Had this one early on in my list for today but by the time I came to writing the breakout had already taken place... Never mind, there is room for additional growth. Synthetix (SNXUSD) closed above EMA50 yesterday and is growing above this level today. Strong higher low short- and mid-term, as well as a falling wedge. High volume, bullish indicators; Everything looks great. This chart confirms what I wrote about the Altcoins market going bullish, it is already happening but it takes time before the full force is fully felt. What happens if things doesn't go our way? What are the chances of another delay? I wouldn't worry about those questions because that would imply that we have to win on every trade. Set a potential target and a clear stop-loss. ✔️ If it goes up, that's a win. ✔️ If it goes down, that's a loss. The market can do whatever it wants... It will always fluctuate... Make the wins big and the losses small. You don't have to win them all. In fact, you can lose 7 out of 10. But limit the loss to the minimum on those seven and maximize profits on the rest. The next strategy is the long-term hold... Just buy Altcoins using Bitcoin until they grow. That's how I do it! Focus on the long-term... Or whatever works. Your trading strategy will depend on your own goals and lifestyle, I am just sharing some ideas that might help you build your own. Thank you for reading. Remember to... Thanks a lot for your support. Namaste.
CRYPTO:SNXUSDLong
by MasterAnanda
1
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 Short-Term (Wave Count + Jargon)This is what I am seeing, I can be embarrassingly wrong but I will have some courage and share my opinion with you anyway, even though it can fail badly still, no risk no glory; let's trade. You know when you have your eyes on a pair knowing that it is set to grow and it suddenly crashes. You make a mental note to look back once support hits but somehow you completely ignore it when the time is right and once you look back it is already long gone? I had Synthetix in mind for a while and then completely forgot about it and now it is doing better than many of the other pairs that I recommend and hold. Actually, I don't recommend anything I just read charts. SNXUSD We are looking at a potential impulse after a correction. 10-June clearly marks the bottom of a strong correction and a new impulse develops. We have potentially 2 waves up and 2 waves down, we are only missing one final up wave to form a 3 up 2 down (bullish impulse) wave pattern. Bottom of wave 4 does wick below the top of wave 1 but you know, we can't be too strict with these things. It is too early too tell but with other Altcoins being so bullish, SHIB, BNT, SC, HNT, etc., it is likely that this pair will also resume growing, if not now, maybe within a few days. That's my view of course, I can be completely wrong. In time we will know how it goes. ✔️ Thank you for taking the time to leave a comment. ✔️ Thank you for showing up to read. ✔️ Thank you for your continued support. Namaste.
CRYPTO:SNXUSDLong
by MasterAnanda
4
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
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 - A Wild Coin 4 The Next Wave Up 🤠For some reason TV allows "4" but not "four" due to language restrictions... Anyhow BTC appears to have printed the next trading range with this recent dump. And may coins have had very sharp pull backs and so I've been buying my favourite coins in this area. We're potentially into the next wave up now and some coins are coming to life whereas others are fading away. SNX is one of the top coins coming to life and boomed 69% since the weekend! And today with BTC dropping off it has collapsed 25%. The 4 Hour RSI still with 40 minutes to go until the candle closes has bottomed quite a few times in this area and this is another clue that the bottom is in here. This high volatility is a big clue that SNX is in demand and may make very good progress in the next period 🧐. Not advice.
COINBASE:SNXUSDLong
by dRends35
SNXUSD Steady bullish breakoutSNXUSD crossed over the Bear market's Falling Resistance for the 2nd time this month on a clear long term bullish signal. It is already 3 weeks after the Golden Cross (1d) formation. Trading Plan: 1. Buy on the current market price. Targets: 1. All Fibinacci retracement levels on by one up to 9.000 (Fibonacci 0.618, the Golden ratio). Tips: 1. The MACD (1d) is on a Rising Support. Indicating a tend shift to long term bullish. Please like, follow and comment!!
BINANCE:SNXUSDLong
by TradingBrokersView
1
SNXUSD About to test the mid-2021 Resistance!It was just 2 months ago when we called for a short-term bullish move on Synthetix (SNXUSD) and projected a major break-out in January 2023: The projection was modelled out of the Lower High legs of the Bear Cycle since May 18 2021. All three fractals pointed to a break of the May 2021 Lower Highs trend-line by the end of January 2023, with the one that has come the closest in candle action being the black. As you see not only did it hold the Support Zone but at the same time matched perfectly the January rebound that followed. Ideally we would like to see a weekly candle closing above the 1W MA50 (red trend-line) for the first time since September 2021, but the Lower Highs trend-line would be a significant break-out on its own. The Fibonacci retracement levels can provide a fair target framework SNX marches its way into the new Bull Cycle. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
BINANCE:SNXUSD
by TradingShot
3