Synthetix can, in more than one way, bring fun to DeFi and crypto.
Rising from the depths of the 2018 bear market, the platform is one of the most active open finance protocols locking over $895 million of various assets when writing.
Synthetix Market Performance and Price Status
The platform’s priming currency, SNX, is also one of the most liquid and valuable DeFi tokens.
Although the SEC has declared war on synths, the Synthetix platform continues to flourish as the most liquid.
The resilience of the SNX token exhibits the success of Synthetix.
In the face of bear pressure, the coin is steady, even rising at some point, finding a solid base at $9.
Technically, this is a strong support level. If bears overcome bulls, it may signal yet another wave of pressure, shifting the SNX/USDT price action in favor of sellers.
Presently, the SNX token is steady, moving within a tight trade range above $9. There is a bear flag as per the SNX/USDT candlestick arrangement in the daily chart.
However, if SNX prices close above $10 and the middle BB, breaking out above the minor squeeze, buyers may drive the token to $12 and later $14 in a buy trend continuation pattern.
On the flip side, it would be chaos for SNX buyers if sellers take charge, melting below the primary support.
In that eventuality, prices may dump to $7.
It is a level coinciding with the 78.6 percent Fibonacci retracement line of the Q3 2021 trade range. If sellers further press, SNX/USDT may plunge to $5.
Is Synthetix a “10X Bagger”?
A permabulls trader on Trading View is convinced SNX can eventually rise to $200 in the long term.
From the performance in the daily chart, the SNX/USDT looks primed for a strong, impulsive wave up to $200 as per the Elliot Wave formation.
While the analyst’s view is his opinion, thus far, SNX prices have posted decent gains.
However, there has been a break below the ascending channel.
Accordingly, to validate the trader’s outlook and the 1-2-3-4-5 formation, prices must snap back above $14—the immediate term resistance trend line.
Once this prints out, SNX would be squarely within the zone for another push higher towards $200 in the weeks/months to come.
SNX prices to $22?
Yet on Twitter, one trader is more conservative, expecting a 2X from spot rates.
— Raintrader (@raintrader14) October 25, 2021
The SNX/USDT price is within a $1 range with caps at $10 and $9 to the downside in a consolidation.
Nonetheless, Synthetix bulls appear solid, rejecting lower lows as evidenced from the coin’s daily chart performance.
According to the analyst, SNX is primed for a breakout. Subsequently, this would lift the token to $22 in the resumption of the early Q3 2021 trend.
Time to HODL your Synthetix Coin
A trader on YouTube thinks Synthetix is a solid project that may recover, rising to $28 by late December 2021.
This would be the case, especially if SNX finds support at $9. A spring above $10 and $12, and later $14 would turbo-boost Synthetix to $28.
Per his approximation, the coin may reach these levels by December 2021.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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