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- When writing, the SNX crypto price has advanced by 7.7% within the past 24 hours.
- The price volatility of the Synthetix crypto is very high at 5.81%.
Synthetix is a decentralized protocol on Ethereum for issuing and trading synthetic assets, created by Kain Warwick in 2018.
It addresses liquidity and slippage issues in decentralized exchanges, supporting synthetic fiat currencies, cryptocurrencies, and commodities. SNX holders can stake tokens to earn fees from Synthetix.Exchange activities.
The traded volume of the Synthetix crypto has witnessed an advance of 165% in the last 24 hours. It has resulted in a traded value of $61.93M, resulting in a volume/market cap ratio of 5.9%.
The sentiment of the Synthetix crypto is bearish as per Coincodex, and the fear and greed index of the crypto is at 74, indicating greed among the investors. Also, the market cap dominance of the crypto is 0.01%.
The total value locked for the Synthetix crypto is $651.85M, and the liquidity of the crypto is worth $10.38M.
Synthetic Crypto Derivatives Analysis
A massive surge in the trading activity of Synthetix crypto can be seen as the derivatives trading volume of the crypto has advanced by 208% over the last 24 hours.
Following the surge in the trading volume, the open interest has also advanced by 17.1%, resulting in $31.26M.
The liquidation in the crypto shows bulls dominance as a higher short liquidation worth $42.13K recorded in the last 24 hours. This further results in a long/short ratio of 0.9539.
SNX Crypto Technical Analysis
On the daily chart of the SNX crypto, the formation of consistent lower lows can be seen, which shows that the overall trend of the crypto is bearish.
If we look at the most recent price action at press time, the price is trading at the previous swing high. If the price fails to break above the swing high and sustain above the same, we might see the double top rejection on the chart.
SNX/USD Chart by TradingView
The price of the SNX crypto is trading between the 50-day and the 200-day EMAs, while the EMAs are trading in a death cross. It represents uncertainty in the trading price of the crypto.
The MACD line has advanced to the bullish trajectory, and the signal line is heading toward the same. The metrics are trading in a bullish cross, and the histogram is also bullish on the chart.
The RSI has advanced above the 50 level and is currently trading at a level of 62.02 at press time. That shows bullish momentum on the crypto, and the RSI has broken further above the 14-day SMA.
Summary
The SNX crypto has surged by 7.7% in the last 24 hours, yet its high volatility (5.81%) and trading between the 50-day and 200-day EMAs indicate uncertainty.
Despite bullish technical indicators like the MACD and RSI, the potential double-top formation suggests caution. Market sentiment shows investor greed.
The support levels situated on the lower side for the SNX crypto are $1.80 and $2.20, while the resistance for the crypto is $4.30 and $5.10.
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.
