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- 1 As per Synthetix’s price prediction, the coin price faces resistance and declines from the resistance level by forming a bearish pattern.
- 2 The coin’s price increased by 0.15% over the last 24 hours.
- 3 The price of Synthetix coin is trading at $2.4015 and the 52-week range is $1.5900 – $3.5323.
Synthetix is a protocol that enables users to create and trade synthetic assets on Ethereum. These are tokens that follow the value of real-world assets, such as crypto, stocks, commodities, and currencies. Users can stake SNX coin, the protocol’s native token, to generate synthetics and earn rewards.
Synthetix Network (SNX) has a fully diluted valuation (FDV) of $778,028,838, according to the crypto data and information website Coingecko. This is a hypothetical market cap, assuming all 320 Million SNX tokens are circulating today. However, the actual FDV may take years to reach, depending on how the SNX tokens are distributed over time.
As per Coinmarketcap, Synthetix Crypto plummeted by 0.71% in market value and by 16.92% in trading volume in the last 24 hours. Its market value is $651,536,799 and its trading volume is $64,096,095. There are 268,232,391 SNX in circulation.
Synthetix coin’s (SNX) open interest is $39.33 Million. As per Coinglass, another crypto analysis website, it fell by 0.55% in the previous session. The long versus short ratio for 24 hours is 1.0235. The total number of short positions added in the last 24 hours is $109.36 against longs of $116.43K.
SNX Coin Price Technical Analysis in the 1-Day Timeframe
SNX coin price has been on an upward trend for the past month, increasing by 9.88% during this period. At the time of publication, SNX Coin Price is trading at $2.4015 and has formed a bearish flag pattern which gave the breakdown from the trendline.
Therefore, the SNX coin price could continue to move downwards and reach the first and second targets of $2.3159 and $2.0080. if it fails to maintain the current level. However, if the SNX Coin Price sustains the current level and rises, then it might hit the nearest resistance levels of $2.6066 and $2.9273.
At the time of publishing, the SNX coin price (BITFINEX: SNX) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the SNX Coin price trend. Hence, SNX Coin Price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price.
The MACD line at 0.02405 and the signal line at 0.09846 is below the zero line and gave a bearish crossover, suggesting bearish signals. The current value of RSI is 41.66 points and the 14-day SMA is above the median line at 56.32 points, which indicates a downward direction and bearish sentiments in the market for the SNX coin.
Conclusion
SNX coin price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the Synthetix coin in the daily time frame. Synthetix price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of Synthetix price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, provide negative signals regarding Synthetix coin price.
Technical Levels:
- Support levels: The nearest support levels are $2.3159 and $2.0080.
- Resistance levels: The nearest resistance levels are $2.6066 and $2.9273.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
