💥 SNX Breaks Out of Accumulation Box: The Synthetix (SNX) token, in its weekly timeframe, has recently exited its accumulation box, observed in the past two weekly candles. However, the primary uptrend hasn't kicked off yet due to the overall market conditions and resistance from Bitcoin and Total 2.
📊 Range Boundaries Broken: Previously, SNX was trading within a range of $1.850 to $3.206. It has now breached this range, indicating potential for further movement.
📈 Bullish Outlook with Targets: If the market trends upward, SNX could be a lucrative coin in the next bullish wave. The initial target is set at $4.264, but I personally aim for a $7.5 target in my trades.
🔝 Volume Confirmation: The increase in volume during its upward movement confirms the positive trend.
🚦 Caution Advised: Don't rush to buy until clear signs of market movement reappear. A deep correction in Bitcoin could push SNX back into the range box.
🕒 Timeframe for Entry: Utilize 1-day and 4-hour timeframes for better entry points.
⚠️ Stop Loss Tip: Avoid setting a tight stop loss to prevent getting stopped out by minor fluctuations.
🔑 Related Categories:
1.Trend Analysis
2.Support and Resistance
3.Volume Analysis
📣 Share your thoughts on SNX's future! 🌐💬 #SNX #CryptoAnalysis #TradeCityPro
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.
The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.
📚 Remember: Financial markets are unpredictable. Always do your research and invest wisely! 🧠💼
📊 Range Boundaries Broken: Previously, SNX was trading within a range of $1.850 to $3.206. It has now breached this range, indicating potential for further movement.
📈 Bullish Outlook with Targets: If the market trends upward, SNX could be a lucrative coin in the next bullish wave. The initial target is set at $4.264, but I personally aim for a $7.5 target in my trades.
🔝 Volume Confirmation: The increase in volume during its upward movement confirms the positive trend.
🚦 Caution Advised: Don't rush to buy until clear signs of market movement reappear. A deep correction in Bitcoin could push SNX back into the range box.
🕒 Timeframe for Entry: Utilize 1-day and 4-hour timeframes for better entry points.
⚠️ Stop Loss Tip: Avoid setting a tight stop loss to prevent getting stopped out by minor fluctuations.
🔑 Related Categories:
1.Trend Analysis
2.Support and Resistance
3.Volume Analysis
📣 Share your thoughts on SNX's future! 🌐💬 #SNX #CryptoAnalysis #TradeCityPro
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.
The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.
📚 Remember: Financial markets are unpredictable. Always do your research and invest wisely! 🧠💼