- SNX token price has failed in creating a higher high after retracing back to the 20-day EMA.
- The coin price is trading below the 100 and 200-day EMAs indicating a more powerful bearish strength.
- The pair of SNX/BTC is trading at 0.0003243 BTC with an intraday fall of -9.07%.
The SNX coin price reversed from the 200-day EMA while the 100-day EMA was crossing over, representing bearishness. It led to the downfall in SNX coin prices, but the 20-day EMA helped the price move back up.
However, the SNX token price failed to sustain above the previous swing high and reversed shortly. The up-move attempt by the bulls had lesser volume than before, projecting the possibility of a reversal.
Presently, the SNX token price is trading at $11.03, with a -6.81% fall of the market cap within the past 24 hours. In addition, the coin price has faced a decline of -43.11% in the intraday trading volume.
What Are SYTHETIX (SNX)?
Synthetix ( DeFi) is a decentralized financial protocol that allows for on-chain exposure of various non-crypto assets and cryptocurrencies. Users have access to highly liquid synthetic assets (synths). The Synths track the asset and provide returns without the need to hold it.
The platform will allow users to access a more robust financial market by expanding the cryptocurrency market through non-blockchain assets.
Users can trade and exchange synths autonomously on the platform. The platform also offers a staking pool, where holders can stake their SNX tokens. They get a portion of the transaction fees on Synthetix Exchange as a reward.
Smart contract price delivery protocols, called oracles, are used to track the underlying assets. As a result, Synthetix makes it possible to trade synths without any liquidity/slippage problems. In addition, it eliminates the need to use third-party facilitators.
SNX tokens can be used as collateral to secure the minted synthetic assets. In addition, it means that SNX tokens can also provide collateral for synths issued.
The protocol transitioned to Optimistic Ethereum Mainnet shortly after launch to reduce gas fees and oracle latency.
Increasing Selling Volumes Push SNX Token Price Lower
SNX token price moves lower after the failure to create a higher high. However, the coin price moves back to the EMA of the 4-hour chart that may help the price push back higher.
If the price sustains above the 20 EMA of 4-hour, then the coin price may find the demand to rise above the $13.5 mark.
The 4-hour timeframe shows that the coin price is above all the significant EMAs. Moreover, the 50 and 200 4-hour EMAs recently gave a bullish crossover signal.
The RSI (bullish) projects a growing underlying bullishness as the RSI is spiked.
The ADX shows a loss in trend momentum.
Conclusion – SNX Token price hangs close to the 20 EMA in the 4- hour chart. If the price sustains above the EMA, then investors could find a price jump in the token. However, the failure could drive the price back to the previous support level.
Support- $8.3
Resistance-$13.5