Will SNX Crypto Price Hit the $10.0 Mark in the Upcoming Days?

• In the last 24 hours, the trading volume of the Synthetix crypto has declined by 2.2%.
• SNX crypto is built on the Ethereum platform and uses ERC20 token standards.

Synthetix is a protocol that enables the creation and trading of synthetic assets on Ethereum, backed by SNX tokens. It offers various use cases for traders, investors, and hedgers. It also rewards SNX stakers with a share of the network fees. Synthetix was founded by Kain Warwick in 2018.

The spot trading volume of Synthetix has declined by 41.7% in the last 24 hours while the derivatives trading volume has also witnessed a decline of 44.66%. It has resulted in a traded volume of $56.24M for the derivatives and $30.872M for the spot.

The current market cap ranking of the Synthetix crypto is 63rd as per CoinMarketCap and the value of the market cap for the crypto is $1.162B. Also, the volume/market cap ratio for the crypto is 2.93% and the market cap dominance is 0.073%.

The recorded liquidity for the SNX crypto is $9.32M as per the DefiLlama and the annualized revenue of the crypto is $47.39M. Also, the treasury of the crypto is worth $30.69M and the total raised amount is worth $46.05M.

Synthetix Token Overview

The total supply of the Synthetix is 328.193M and the circulating supply of the crypto is 303.952M. Moreover, the fully diluted market cap of the crypto is $1.318B. There are a total of 89.3K holders of the SNX token and the circulating supply market cap of the crypto is $1.315B.

SNX Crypto Technical Analysis

The SNX crypto’s trading price has broken above the symmetrical triangle on the weekly timeframe. It shows a strong buyer sentiment dominance in the crypto price. 

Since the breakout, the trading price of the crypto advanced with good volumes and is currently again consolidating at the higher levels. Furthermore, if the crypto price breaks above the previous swing high, we might get to see higher levels in the crypto price.

SNX/USD Chart by TradingView

The SNX crypto price has declined below the median line on the Bollinger band indicator. Despite this the value of the Bolliger bands has consistently advanced over time which represents an uptrend in the crypto price.

The RSI has also declined to the 50-levels from the overboight zones losing its value below the 14-day SMA. This shows the huge retracement in the crypto price but if it breaks above the level of 50 again in the future, we might get to see a continuation in the trend of the crypto.

Conclusion 

The SNX crypto has a strong potential to hit the mark of $10.0 in the upcoming days, as it has broken out of a bullish pattern and is consolidating near the resistance level. The indicators are also supportive of the uptrend, as long as the RSI stays above 50.

Technical Levels

Support Levels: $0.350 and $1.800

Resistance levels:$7.310 and $10.500

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.