Synthetix appears to have bottomed when looking at the long-term view and has now began its 5th cycle wave that could propel its price as high as $200. However in the short-term it's slightly bearish before resuming it's uptrend.
What do you think now about it? Can you please update? I like your idea
quantmaven
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@Barrabert, I think the count has been invalidated. I didn't follow the project that closely but from I understand they are stuck on Ethereum. The gas fees are very high, Kain spent alot of his money to buy lavish properties, they chose the wrong layer 2 and finally there is alot of competition on other blockchains now.
Julia13246
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How is SNX superior in the derivative market then the others? How is UMA , ETH, and LINK specifically utilized in it? I’m completely confused on it now. Lol
Haejin
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Wave 1 doesn’t subdivide into five subwaves. Thus more three waving. So, your wave 1 is likely wave A of an ABC sequence. Your wave 3 is probably wave C which has an acceptable five subwaves. Break of bottom trendline would a confirming event.
quantmaven
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@Haejin, I think it could and it would be difficult to argue that a 3500% increase is not impulsive. A 3-3-5 in an uptrend doesn't make any sense because the only figure that doesn 3-3-5 is a flat and it doesn't show a meteoric rise but a corridor.