Analytics

What’s Next After SNX Dropped Below Its 2020 Yearly Low?

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As Bitcoin and other cryptocurrencies have fallen in price to trade at levels last seen in November 2020, SNX, the native currency that drives the Synthetix Decentralized Finance protocol, has increased in value. Following a 52-week low of $1.64 on June 15, SNX has gained over 100% in price.

Due to a rise in atomic swaps on Curve Finance and 1inch, Synthetix reported that its daily volume exceeded 200 million. Additionally, it mentioned growing volumes from Optimism futures as well as options platforms like Polynomial and Lyra Finance. This increased activity and volume led to higher SNX demand, which in turn supported the stock’s robust ascent.

The Synthetix‘s active addresses metric should also be taken into account. The statistic shows a significant rise in platform activity. By June 20, there were 1074 active addresses, up from 327 on June 17. It has recorded the most active daily addresses in the past 30 days at this point. As a result, during the course of the three days, the network growth measure increased from 60 to 133. Let’s analyze the critical price levels for SNX.

SNX Price Prediction

SNX now has a valuation of around $744 million. The volume to market capitalization ratio for the platform is currently 1.5, and it has increased during the past 24 hours compared to its typical average. Since February 2021, the price of SNX has been falling. It is now only $3.2, down 88 percent from its all-time high of $28.53. Between the $3.45 weekly resistance level and the $2.34 weekly support level, it is confined.

Due to the general bearish sentiment in the markets, the bulls must raise the price over $3.45 to prevent the bears from lowering it below $2.34. The downtrend is invalidated by a breach over the $4.53 mark. If this level breaks, a rally that might reach $5.96 may begin. For us to be bullish, the daily or weekly price candle for SNX must close above $3.45.

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Images courtesy of TradingView.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

   
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