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SYNTHETIX Price Analysis: The token possesses doji star bearish pattern formation 

SYNTHETIX Price Analysis
  • SNX is considered as the backbone for trading in defi, where anyone can experience a vast range of assets anywhere.
  • 1,159,566,022 is the total value locked in Synthetix.
  • The RSI oscillator for SNX shows the BUY action.
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The SNX has shown an evening doji star pattern in the last 5 hours. The circulating supply of tokens is 114,841,533 SNX coins and a max. supply of 212,424,133 SNX coins. The last known price of the token, SNX, is 10.07 and is up by 11.04% over the last 24 hours. It has the current trading volume(s) of 126,484,000, with a gain of 40.94% over the last 24 hours. SNX has total address of 77,924 with the active address(es) of 1614 in the last 24 hours. The token has a total value locked (TVL-Total assets value currently staked or locked in the protocol.) of 1,870,016,464, and the Market cap/TVL is 0.6181. 

The chart above shows the movement of SNX where 200 DMA has been running above it, and even DMA-50 was above it. On 6 July, the coin started retracement and moved beyond DMA-200, and marked the monthly high of 13.622. DMA-50 was chaseable at times.

SMA-20, SMA-50 and SMA-200

We see the token with respect to SMA’s, which are 20, 50, and 200, and it is SMA-20 which is at present above the SMA-50 and SMA-200. We can see an upward pattern marked with the trendline where SMA-20 has chased SMA-200 zone like SMA-20 chased SMA-200 on 30 June and went high (Marked with the circle). The candles forming now are touching the level of SMA-200, and so the possibilities are there for the coin to show such heights like before again. 

Its top 10 and 20 holders have more than 60% holdings, but less than 70%, and top 50 and 100 have more than 75% but less than 95% holdings which makes the strong 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 77.716 and marks the buy action. MA-5, MA-10, and MA-20 show the buy action. Even MA-100 and MA-200 show the same buy action. However, the SNX at present is all set to buy but for intraday trading.

The bull/bear power has the value of 0.6752 and shows the buy action. The high/low marks the buy action with the value of 0.3168.

The SNX-BTC pair is trailing at the level of 0.0002527, and the gain of 10.62% was seen, whereas the SNX-ETH pair is trailing at the level of 0.004172, and the gain of 5.084% was seen in the last 24 hours. The volume/market cap of the token is 0.1095, and its market dominance is 0.07%.

Conclusion: The days range for the coin is 9.00-10.25 and presently is at 10.12. The 24 hours high and low of the coin is 10.24 and 9.01 respectively. 

We observed that the candles are crossing SMA-200 zone and so SMA-20 is likely to trail beyond SMA-20 and SMA-200 and it is also expected that the token might show the same gain in height like it had shown in the past(Marked with trendline and circle). 

The ATH of the token is 28.77 which went on 14 Feb 2021 and ATL is 0.034 which was marked on 5 Jan 2019. ROI (approximate return on investment if purchased at the time of launch) of the coin is 2126.99.

Technical Instruments:

Pivot: 10.14

R-1: 10.21

R-2: 10.25

S-1: 10.07

S-2: 10.03

Note:

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