thecoinrepublic.com
- Grayscale has dumped SNX from its funds following Q4 2022 reviews.
- Technical indicators are favoring the upside trend in SNX. It has seen a gain of more than 1.17% in the BTC pair.
Synthetix, a decentralized finance (DeFi) platform built on the Ethereum blockchain, has been making headlines in the crypto news world recently. The platform allows users to trade synthetic assets, which are digital assets that are backed by a collateral of cryptocurrency. These assets can represent a wide range of assets, including stocks, commodities, and currencies.One of the main benefits of Synthetix is that it allows users to trade these synthetic assets without needing to go through the traditional financial system. This makes the platform particularly attractive to users in countries with unstable currencies or strict capital controls. Additionally, because the platform is built on the Ethereum blockchain, it is decentralized and open-source, which means that there is no central point of control or failure. Synthetic has been recently dropped out from the grayscale fund following a 2022 review. SNX has still managed to gain a strong momentum in the recent market.
Synthetix has a market cap of $540 Million and is ranked 71st in the CMC. Volume to market cap ratio suggests a weak upside trend in price.
Bulls Are On A Rage With SNX Price
Synthetix has been seeing a strong gain with U shape recovery. The weekly technical chart of the SNX suggests a weak upside trend in price. On coming to the daily chart it is trading near the value of $2.167 with a gain of more than 3.15% in the intraday session. Resistance of the SNX can be seen near $4. Meanwhile the support of the asset price can be seen near $1.5. It is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high in the future. Various analyst are expecting a strong growth in the future.
Conclusion
Synthetix has seen a fall out from the grayscale fund along with the other crypto. SNX has seen a strong U shape recovery and can soon see a new high in the future.
Technical Indicators
Major Support: $1.5
Major Resistance: $3.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.