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- 1 The MACD displays a bullish crossover with increasing histogram width in both pairs.
- 2 Bulls are expected to harness more strength in SNX/USD to break the resistance level and zoom to new heights.
Synthetix allows users to do various things, such as protect themselves from price changes, access a wide range of assets, and trade on the price movements of real-world assets without actually owning them. The platform of Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short), and commodities.
SNX holders are rewarded for staking their tokens as they receive a pro-rata share of the fees generated from activity on Synthetix.Exchange, based on their contribution to the network. SNX token gives the holder the right to participate in the network and capture fees generated from Synth exchanges.
SNX/USD & SNX/BTC Price Analysis 1-D Time Frame
The SNX/USD pair has shown strong upward movement since the start of the year, increasing by 140.87% Y-T-D on a daily time frame. However, SNX faced massive resistance at $3.20, bringing more sellers into the market. The SNX price then traded sideways as the price range narrowed, until it broke out of it with another surge.
This massive rally on the SNX/USD chart is likely to continue since it has built a bullish pattern known as a declining wedge in the daily time frame. Buyers in SNX are building strength to break the resistance level and zoom to new heights from the current level.
Moreover, the SNX/USD might surge strongly from the current level. The next possible target could be $4.00. On the contrary, if SNX fails and slips, then it could decline to $3.00.
Furthermore, the SNX/BTC pair has shown a strong downward movement since the start of the year, surging by 5.05% on a daily time frame. It rose briefly in the beginning, but faced resistance at $0.00009900.
This brought more sellers into the market as the price fell. The SNX price then went sideways, until it broke out of it with another spike.
However, compared to SNX/USD, the price of SNX/BTC surged with less positive momentum. SNX has created a bullish pattern called a falling wedge in the daily time frame. If the Bulls gain more power in SNX and it breaks barriers, it may rise more from the current level.
Therefore, in SNX/BTC, the next target is $0.00011000, and on the flip side, the next support is $0.00008000.
In addition, the SNX/BTC current market price is $0.00009158 with an intraday surge of 0.60% and SNX/USD has a CMP of $3.4512 with an intraday fall of 1.81%.
What Do the Technicals Show?
The SNX/USD and SNX/BTC pair is in a strong uptrend and above all major EMAs. If the buyers’ pressure rises, the SNX crypto asset might enter another rally and shatter hurdles.
The RSI highlights that in the latest breakout, the SNX crypto is still in a strong uptrend and has not reached the oversold zone yet. The curve dropped to 69 for SNX/USD and 70 for SNX/BTC, highlighting that the buyers are still in control.
Moreover, the moving average convergence divergence, in SNX/USD and SNX/BTC shows a bullish crossover and a broadening histogram. It highlights the rising bullish strength in both pairs.
Summary
Using the daily charts, RSI, EMAs, MACD, and total liquidations, the price trends of SNX/USD and SNX/BTC pairs indicate that the crypto is bullish and could keep rising higher.
Moreover, the chart shows a good amount of Synthetix holders at the time of publishing. Moreover, the chart also shows that Synthetix social dominance has been stable for the last four months. However, a surge in the Synthetix social dominance could also boost the price of the assets, as more people would be interested in buying and holding them.
Technical Levels
Support Levels: $0.10
Resistance Levels: $0.20
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 investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
