It's been a long time waiting on this trade but soon SNX will be pulling back to the .886 which is confluent with what is some sorta huge Bullish Bat/Bullish Gartley Hybrid and a smaller Bullish Shark. It would be nice if we hit the PCZ then break the trendline of our Bullish Dragon.
We have room to go up 300% upon breaking the trendline of our Bullish Dragon.
SNX is stuck in a massive 6-month long falling wedge against the DEFIPERP index and it looks like it's gearing for a breakout.
I marked some areas of interest where I will be looking to rotate out of SNX in between cycles.
It's hard to estimate when such targets could be reached however. Certain catalysts, like the futures launch, could send it flying in a short...
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....
One of the most promising DeFi blue chip for me.
Synthetix staking is live on Optimistic L2 mainnet ! Big news, I expect #SNX to continue its bull hike.
It's in price discovery zone, so hard to establish a target. Holding spot & leverage position.
Information is just for educational purposes, never financial advice. Always do your own research.