📈Today, I want to share with you an analysis of the Synthetix(SNX) project, which can increase the price by more than 🚀➕20%🚀 in the short-term.
📚What Is Synthetix (SNX)❗️❓
Synthetix is building a decentralized liquidity provisioning protocol that any protocol can tap into for various purposes. Its deep liquidity and low fees serve as a backend for many exciting protocols on both Optimism and Ethereum. Many user-facing protocols in the Synthetix ecosystem, such as Kwenta (Spot and Futures), Lyra (Options), Polynomial (Automated Options), and 1inch & Curve (Atomic Swaps), tap into Synthetix liquidity to power their protocols. Synthetix is built on Optimism and Ethereum mainnet. The Synthetix Network is collateralized by SNX, ETH, and LUSD, enabling the issuance of synthetic assets (Synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset. This pooled collateral enables an array of on-chain, composable financial instruments backed by liquidity from Synthetix. Some of the most exciting upcoming releases from SNX are Perps V2, which hopes to enable low-fee on-chain futures trading through the usage of off-chain oracles, and Synthetix V3, which aims to rebuild the protocol to achieve its earliest goal, being a fully permissionless derivatives protocol.
🏃♂️Synthetix (SNX) has been moving in a Descending Channel for about 40 days and is currently moving near the 🟡Potential Reversal Zone(PRZ)🟡, ⚫️Time Reversal Zone(TRZ)⚫️, and Support line.
💡Also, we can see Regular Divergence(RD+) between two Consecutive Valleys.
🔔I expect Synthetix (SNX) to start rising soon and go UP to at least the top of the descending channel after breaking the Resistance line and possibly breaking this channel. -------------------------------------------------------------------------------- SNXUSD👉(SPOT)
🟢Position: Long
✅Entry Point: 3.280 USD (Stop Limit Order)
⛔️Stop Loss: 2.880 USD
💰Take Profit:
🎯3.679 USDRR==1.00
🎯3.987 USD (Over ➕20%)
Risk-To-Reward: 1.77
Please don't forget to follow capital management ⚠️
Please pay attention to the style of opening the position.⚠️ -------------------------------------------------------------------------------- ❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Synthetix Analyze (SNXUSD), 4-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
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I expect the SNX to trend higher in the coming hours.