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Synthetix (SNX) Price Analysis: Bulls Aiming at $6 after Closing above Last Week’s high

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The Synthetix (SNX) price is stable in the last hour and trading day as per coin trackers. Trading at $4.85, the token is trailing both BTC and ETH in the last week of trading, losing 11 and three percent, respectively. However, it is up versus the greenback, adding three percent in the same period.

SNX Market Overview

While SNX prices are wavy, the token’s performance has been decent in the last two weeks. Of note, after breaking above a two-month bear channel, SNX is now trending higher within a bullish breakout pattern.

Propping prices are decent trading volumes. Compared to participation levels in October, there is an uptick in volumes. Technically, this suggests demand in lower time frames validating the breakout and prospects of possible higher highs in days ahead.

The region around $5 is a September reaction point. Therefore, if there is a conclusive close above this round number, SNX bulls may drive prices to $6 in the medium term.

Nonetheless, this depends on Syntethix’s fundamentals triggers.

Synthetix (SNX) Market Movers

It has been five days since the deployment of the Rugulus release. The upgrade introduced several protocol improvements.

A standout was the release of the Virtual Synth implementation patching a bug from the Mimosa release (SIP-89) enabling correct tracking of the Virtual Synth address for settlement. The details of this upgrade are under SIP-94.

The fix paved the way for several additions.

One of them is the introduction of Virtual synths as a solution for high slippage by bridging liquidity from Curve pools and allowing composability in Synth exchanges.

Moreover, the announcement that trading directly from mobile through the Pillar wallet is possible. Synth-to-Synth swaps will be with zero slippage. Pillar Wallet is a member of Synthetix’s Volume Program; an initiative to incentive the integration of Synthetix in other DeFi platforms and protocols.

Moreover, Brent Crude Futures trading is now possible using data from the ICE available via Chainlink.

All this will spark activity, directly benefiting SNX and prices.

Synthetix (SNX) Price Analysis

Synthetix (SNX) Price Analysis: Bulls Aiming at $6 after Closing above Last Week’s high

The SNX price is stable and bullish on the last day of trading, adding three percent against the greenback.

Price action in the daily chart suggests bulls. Even though today’s prices are under pressure, there are bullish signals in lower time frames. The long lower wick points to demand and a possible snap back to trend.

Notably, candlestick bars are trending along the upper BB as bands diverge. As a volatility indicator, this points to high momentum and a possibility of buy trend continuation. The middle BB and last week’s low of $3.7 will provide immediate support.

As long as prices trade above last week’s high (at $4.9), every low may provide a ramping opportunity for traders aiming at September reaction points at $6.2 and even the August 2020 high of $7.8.

Losses below $3.7 may trigger losses towards $2.4.

Chart courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and are not investment advice. Do your research.

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