- Synthetix coin price is currently seeing a downside correction and can test the lower levels. In contrast, SNX price is down by more than 3.5% in the past 24 hours.
- Technical levels of SNX suggest a downside momentum in price. In contrast, SNX/BTC pair is down by 3.3% in the intraday session.
Why To Invest In SNX Coin?
SNX coin price is currently seeing a downside momentum and can soon test the lower support. Synthetix token price is currently trading near the value of $11 and is down by more than 3.5%. It is a decentralized finance protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The platform is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets. It tracks and provides returns on the underlying asset without requiring one to directly hold the asset. It was launched in September 2017 by Kain Warwick under the name Haven. The network allows users to autonomously trade and exchange the asset. It also has a staking pool where users can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange.
SNX token is ranked 84th in the CMC and has a market dominance of more than 0.1%. The volume of the coin is also seeing a strong upside surge. One can invest in SNX as per their needs and risk capacity.
Technical Indicators Of SNX Coin Price Suggests A Downside Momentum
Synthetix coin price is seeing a strong upside momentum in the weekly technical chart. It is up by more than 5.5% in the weekly time frame. Resistance of the SNX while going upside can be seen near $15. The support of the coin while going down can be seen near $7. The asset price is currently trading below the 50 and 100 Daily Moving Average. The 100 DMA is near $11 acting as temporary support for the price. SNX/BTC pair can also see a downside momentum in the future. One can forecast a strong upside momentum in the asset in the future.
Conclusion
SNX coin price is currently seeing a downside momentum but can soon revert to the uptrend. SNX/BTC pair can also see a strong upside momentum in the future.
Technical Levels
Major Resistance: $15
Major Support: $7