SenhorCoconut

SNX/DEFI : Banana of Bloom

Long
What is this chart? Essentially, it shows the performance of SNX vs an index of 25 Defi coins, such as LINK, SOL, CRV , etc.

We're looking at a few things:

First off, it's clear that SNX has massively underperformed the DEFIPERP index as a whole. With some rare, short-lived exceptions, it's been in a downtrend since Jan 2021. Second, notice the rounded bottom. This, alone, is an indication of a potential reversal.

Yellow channel (🍌) points to increasing volatility , which would make sense given SNX' history and the extended accumulation spanning over half a year.

Keep in mind this doesn't chart the price per se, but more of a strength/weakness compared to other Defi coins. What does this mean in practice?

  • Should Defi coins go up, SNX should see more gains compared to others.
  • Should Defi coins go down, SNX should see smaller losses.
That is all, no buy or sell signals. Don't ape in. Simply a bullish bias over the upcoming months.

PS: This is not financial advice.
Trade closed: stop reached: Closed in favour of a new take on SNX.

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