- In the last three trading sessions, the SNX crypto has lost its value by more than 10%.
- The Synthetix Network has a TVL of $650.71M.
Synthetix (SNX) is a protocol on Ethereum that helps its users to create and trade synthetic assets. These are digital representations of real-world assets. Users can access a variety of synthetic assets, such as fiat currencies, cryptocurrencies, and commodities. They can hedge, speculate, or diversify their portfolios.
The SNX coin is the native token of the protocol, which is used to stake, govern, and earn fees from the network. Synthetix was founded by Kain Warwick, an Australian entrepreneur and innovator.
The market cap of the Synthetix crypto has declined by 6.42% in the last 24 hours resulting in $971.442M. The current market cap ranking of the SNX crypto as per CoinMarketCap is #55.
The trading volume of the crypto has also declined by 2.72% ranking 102nd throughout the whole crypto market. Moreover, the volume/market cap ratio of the crypto is 6.19%. Its circulating supply is 291.664M SNX followed by a fully diluted market cap of $1.087B.
SNX Technical Analysis
The SNX crypto price is trading inside a consolidation zone on a weekly timeframe. The price tried to break above the zone but failed and is again shifting inside the zone. If the price breaks below the level of $2.400, it might cause a further decline in the price.
SNX/USD Chart by TradingView.com
On the daily charts, the SNX crypto price has broken above a very crucial resistance level. This behavior of the SNX crypto shows that the major trend of the crypto has become bullish. If the price breaks above the level of $3.80, a very good advance in the crypto price will be seen.
The EMAs are all bullish on the charts giving the “buy signal”. The 20, 50 and the 200-day EMA are trading in a golden cross.
The MACD is also trading above the 0 level forming green volume bars. Currently, the signal line and MACD line seem to be too stretched thus the market might come for a retracement. If the advancing momentum continues, it can lead to new highs.
SNX Fees Overview
After the largest in fees of SNX in August 2023, there has been no significant change since then. It shows the lack of community activity in the crypto environment. It might be the leading reason for the decline in the crypto price.
Conclusion
The SNX coin is a cryptocurrency that powers Synthetix, a protocol that enables the creation and trading of synthetic assets on Ethereum. It has recently shown a bullish trend, breaking above a key resistance level on the daily chart. If the price breaks above $3.80, it could rally to new highs. However, if the price breaks below $2.40, it could fall to lower levels.
Technical Levels
- Support levels: $0.300 and $1.390
- Resistance levels: $7.500 and $14.500
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.