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Synthetics (SNX) Analysis 07/03/2021Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset. The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market. The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix. Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia. Peter McKean, the project’s CEO, has over two decades of experience in software development. He previously worked as a programmer at ICL Fujitsu. Jordan Momtazi, the COO of Synthetix, is a business strategist, market analyst and sales leader with several years of experience in blockchain, cryptocurrency, digital payments and e-commerce systems. Justin J. Moses, the CTO, was the former director of engineering at MongoDB and deputy practice head of engineering at Lab49. He also co-founded Pouncer. What Makes Synthetix Unique? Synthetix is a decentralized exchange (DEX) and a platform for synthetic assets. The protocol is designed in a way that exposes users to the underlying assets via synths, without having to hold the underlying asset. The platform allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange. The platform tracks the underlying assets using smart contract price delivery protocols called oracles. Synthetix allows users to trade synths seamlessly, without liquidity/slippage issues. It also eliminates the need for third-party facilitators. SNX tokens are used as collateral for the synthetic assets that are minted. This means that whenever synths are issued, SNX tokens are locked up in a smart contract. Since launch, the protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency. How Many Synthetix (SNX) Coins Are There in Circulation? The maximum supply of SNX is 212,424,133 coins, of which 114,841,533 SNX is in circulation as of February 2021. At the seed round and token sale stages, Synthetix sold more than 60 million tokens and was able to raise $30 million. Of the total 100,000,000 coins issued during the ICO, 20% was allocated to the team and advisors, 3% to bounties and marketing incentives, 5% to partnership incentives and 12% to the foundation. How Is the Synthetix Network Secured? The SNX token is compatible with Ethereum’s ERC20 standard. The Synthetix network is secured through proof-of-stake (PoS) consensus. Synthetix holders stake their SNX and earn returns from the network fees. Another way for SNX stakers to earn rewards is via the protocol’s inflationary monetary policy, known as staking rewards. Total of 3 TPs with Fibonacci Projection if 2 TP triggered then 3 TP is confirmed easy trade it is
Long
by BitonGroup
8
SNX/USDT 4 HOURS UPDATE Welcome to this quick Update, everyone. If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way. I also post altcoin setups on Spot, Margin, and Futures . I have tried my best to bring the best possible outcome in this chart . SNX/USDT is making bullish falling wedge pattern Broke out the support level and retesting it and RSI is making some bullish divergence moves. Entry: ACCUMULATE BETWEEN $7.73 TO $7.57 Targets: $ 8.38 $ 9 $ 9.7 $ 10.8 Stop Loss: BROKE OUT AND CLOSE DOWN SIDE THE IMPORTANT SUPPORT LINE What's your thought on this? Do hit the like button if you like this update and share your views in the comment section. Thank you #PEACE
Long
by CRYPTOMOJO_TA
SNX/USDT 4HOUR UPDATEWelcome to this quick SNX/USDT analysis. I have tried my best to bring the best possible outcome me in this chart. Reason of trade :-SNX/USDT price is moving in a falling wedge pattern and It needs to breakout the current support and trend reversal for a clear uptrend. Entry:-CMP and buy green zone Traget:-30% to 40% Stop loss :- $7.38 Remember:-This is not a piece of financial advice. All investment made by me is under my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade. Happy trading. Sorry for my English it is not my native languages. Do hit the like button if you like it and share your charts in the comments section. Thank you...
Long
by CryptoSanders9563
SNX beautiful reason to 🚀🚀 🤑🤑SNX as begin a new uptrend. Reason For every upswing, it first HH(Higher High) forms a Support level for it next Upswing. You can notice in the image above And here is how: T1's high( resistance level ) forms T2's low( support level ) T2's high( resistance level ) forms T3's low( support level ) and finally T3's high( resistance level ) forms T4's low( support level ) but if it doesn't form its sure to bounce in between T2 and T3 high. But be always be sure to wait for a retest, for every trade you take. Remember your risk management. Finally Goodluck in your trade.
Long
by Ojomo
1
SNX VS ETHHere in the chart we have Synthetix against the Etherium Price. As we can see SNX has paid a lot of respect to the 30000 level of Etherium. a hold there has 3x to the 90000 Eth level. If a move above 96000 comes and holds it as support another 3x is then possible at approximately 36000 Eth. If a close below the 30000 Eth level on a monthly chart happens, then a move to 12000 Eth is likely and the next big buy point. I don't expect this but there are no guaranties in investing. The indicators are also showing a bottoming signs and reversal to come. Trading assets for assets is victories to success.
Long
by WeAreSat0shi
SNX sugar....SNX is another coin that has not pumped in the recently rally, we think the bullishness for the entire crypto space will spread like wild fire and it's only a matter of time it reaches the SNX camp. BULL CASE Price may find immediate rally from, blast past it and find consolidation well above the 200MA near the $20 levels. BEAR CASE In the event price dumps from here, we think the immediate support at 11.2 will hold and it rallies into the bullish Q4 of 2021.
SLong
by IkanBilisCapital
SNX 1D Global chart and liquid zones for buy and sellSynthetix is ​​a decentralized finance (DeFi) protocol, the network of which was launched at the end of 2017. However, the price of the SNX token was able to shoot only in 2020, when the hype around DEX exchanges and DeFi projects rose on the crypto market. Now the price of SNXUSDT is approaching the critical level of $12.60 from where a downward correction may begin. An important task for buyers is to keep the price above the $7-7.60 zone . In this case, there will be all conditions for continued growth to $16. If the bulwark of buyers' protection in the $7 region does not withstand the invasion of sellers, then the continuation of the fall to the $4 region will become quite real. However, if you narrow down the chart presented, you will see a long history of trades in the SNXUSD pair. The chart clearly shows that even a theoretically possible price drop to $4 will still look like consolidation in the upper part of the global chart and will not carry anything critical for long-term investors. Short and medium-term speculators need to be vigilant, use stops in trading, and pay special attention to the liquid areas that we have highlighted on the chart. _______________________________ Since 2016, we have been analyzing and trading the cryptocurrency market. We transform our knowledge, trading moods and experience into ideas. Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer - help us to be happier :)
by P_S_trade
37