Skip to content Skip to footer

SYNTHETIX Price Analysis: Parallel running SMA’s could results hike in price

SNX
  • SNX has a total of 1,088,294,399 values locked in it.
  • SNX is a native token of SYNTHETIX, a synthetic asset that issues protocol built on ETH.
  • The RSI oscillator for SNX shows the SELL action.
Tradingview

The token has recently formed the pattern of an inverted hammer. The last known price of the token, SNX, is 9.57 and is low by 9.73% over the last 24 hours. It has the current trading volume(s) of 103,394,423 with a loss of 25.12% over the last 24 hours. SNX has addresses of 78,566 with the active address(es) of 1,242,712 in the last 24 hours. 

The chart above shows the movement of SNX where 200 DMA and 50 DMA both are below the 20 days moving average. We see the token with respect to SMA’s which are 20, 50 and 200 and it is SMA-20 which is above the other two. The three SMA’s are parallel to each other and such conditions prevail in the hike of price in the coming time. The trend line marked shows the upwards shifting. The candles forming now are, however sinking but we expect a retracement anytime now.

Its top 10 and 20 holders have more than 65% holdings and top 50 and 100 have more than 40% which makes the decent supply side of the coin.

An RSI oscillator is also present in the chart which shows the proper time to buy or sell the token. RSI for the last 5 hours shows the value of 39.789 and marks the sell action. MA-5 shows the buy action whereas MA-10 and MA-20 show the sell action. Even MA-100 and MA-200 show the same buy action. However, the token at present is all set to buy.

The bull/bear power has the value of -0.1874 and shows the sell action. The high/low marks the same sell action with the value of -0.1206.

FIB Golden ratio is  close

Tradingview

The golden ratio is just below to the present functioning of the coin. FIB 0.618 stands at 9.5220 and in the coming time we expect that the coin will cross it.

The SNX-BTC pair is trailing at the level of 0.0002409 and the loss of 0.63% was seen whereas the SNX-ETH pair is trailing at the level of 0.003731 and the loss of 4.00% was seen in the last 24 hours. The volume/market cap of the token is 0.09488 and its market dominance is 0.07%.

Conclusion: The days range for the coin is 9.28-10.23 and presently is at 9.57. The 24 hours high and low of the coin is 10.22 and 9.31 respectively. We observed that all the three SMA’s are running parallel to each other and such conditions result in a hike in price. So it is a fine time to long the token.

Technical Instruments:

Pivot: 9.52

R-1: 9.57

R-2: 9.60

S-1: 9.47

S-2: 9.44

Note:

  • The unit is USD
  • SMA-20: Green colour
  • SMA-50: Red colour
  • SMA-200: Blue colour