Market insights
Synthetix quietly breaking it's downtrend Here we have a chart of SNX on the two week chart. SNX has printed a dragon fly doji and has broken its downtrend. The RSI is also showing a bounce off the low. The target is $55 to $60usd. Also I have linked the original call for this SNX move that I made on June 30 vs Ethereum.
Chart analysis = risk management
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SNXUSDT - LONG SETUPSNX is looking very bullish on the daily timeframe we have a very strong impulse followed by a nice correction to the 0.50 fibonacci, i am expecting to see the continuation to the upside. On the 4hr timeframe market as we speak is currently attempting to break above the counter trendline and form a new higher high. If the market closes above this confluence of resistance and all other entry rules are met we will long on the retest of this zone.
SNX 1D Global chart and liquid zones for buy and sellSynthetix is a decentralized finance (DeFi) protocol, the network of which was launched at the end of 2017.
However, the price of the SNX token was able to shoot only in 2020, when the hype around DEX exchanges and DeFi projects rose on the crypto market.
Now the price of SNXUSDT is approaching the critical level of $12.60 from where a downward correction may begin.
An important task for buyers is to keep the price above the $7-7.60 zone . In this case, there will be all conditions for continued growth to $16.
If the bulwark of buyers' protection in the $7 region does not withstand the invasion of sellers, then the continuation of the fall to the $4 region will become quite real.
However, if you narrow down the chart presented, you will see a long history of trades in the SNXUSD pair. The chart clearly shows that even a theoretically possible price drop to $4 will still look like consolidation in the upper part of the global chart and will not carry anything critical for long-term investors.
Short and medium-term speculators need to be vigilant, use stops in trading, and pay special attention to the liquid areas that we have highlighted on the chart.
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Synthetix Probably Started The Third WaveWelcome! SNXUSDT has been showing good growth dynamics in recent days. This growth is probably part of the nascent wave (3). To be completely sure that we are facing wave (3), the price needs to break through the corrective channel and gain a foothold above $28.81.
The third wave usually extends, so I expect to see it again this time with a rapid growth during the year.
Perhaps the time is coming for synthetic assets in the crypto space.






















