Finance

Synthetix Price Prediction: Time For SNX To Revert The Trend?

04/08/2023
Bitcoin Ethereum News
  • Synthetix price prediction showcases the decline of SNX crypto inside an interesting channel over the daily chart.
  • SNX crypto is currently trying to sustain at 20-EMA to remain above 50, 100 and 200-days Daily Moving Average.
  • The pair of 0.00009517 BTC with an intraday drop of 0.48%.

Synthetix price prediction suggests the decline of SNX crypto inside an interesting upward channel over the daily time chart. However, SNX might experience a trend reversal from the lower trendline of the rising parallel channel to remain in the recovery phase. But sellers may try to grip the token to pull SNX below the ascending parallel channel over the daily chart.

Synthetix price was at $2.6513 and has lost 0.95% of its market capitalization during the day’s trading session. Trading volume has decreased by 23.88% during the intraday trading session. This demonstrates that sellers might try to pull SNX below the rising parallel channel to challenge the token’s recovery. Volume to market cap ratio was at 0.04002.

Synthetix Coin and Its Features

Synthetix is a decentralized protocol built on top of the Ethereum blockchain that enables the creation and trading of synthetic assets. Synthetic assets are digital representations of real-world assets, such as stocks, currencies, and commodities, that track the price of the underlying asset without actually holding it. Synthetix’s native token is SNX, which is used as collateral to mint synthetic assets.

The protocol uses a system of smart contracts to create and manage these synthetic assets, which are backed by the collateral provided by SNX holders. The platform’s unique feature is its ability to create synthetic assets that do not exist in the real world, such as inverse commodities or even cryptocurrencies, allowing traders to profit from both rising and falling markets.

Synthetix’s technology relies on a decentralized network of price feeds to ensure the accurate tracking of asset prices, which is critical for the creation of synthetic assets. These price feeds are provided by a network of incentivized oracle nodes, which continuously update the prices of underlying assets in real-time.

Synthetix provides a decentralized, trustless, and efficient way for traders to gain exposure to a wide range of assets, without the need for traditional financial intermediaries.

Synthetix Price Prediction: Technical Indications

According to Synthetix price forecast, the SNX cryptocurrency is currently in a downturn and is confined to a horizontal range on the daily time frame chart. The trading volume is clearly under the full influence of the sellers and must increase during the trading session. The SNX cryptocurrency is currently attempting to hold at the 20-EMA to maintain its position above the 50, 100, and 200-day Daily Moving Averages.

Technical indicators point to the strength of the SNX cryptocurrency’s downturn. The price of Synthetix is in a decline while exhibiting a rising pattern, as seen by the relative strength indicator. When it reached 50, the RSI was heading below neutrality. 

The Synthetix price’s downward momentum is shown inside the channel on the MACD. A negative crossover is occurring as the MACD line crosses the signal line downward. Investors in Synthetix must wait until the price of the cryptocurrency maintains and reverses from the ascending parallel channel’s bottom trendline. 

Technical Levels-

Resistance level-  $2.75 and $2.90

Support level-  $2.60 and $2.45

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.  .

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Source: https://www.thecoinrepublic.com/2023/04/07/synthetix-price-prediction-time-for-snx-to-revert-the-trend/