Join Our Telegram channel to stay up to date on breaking news coverage
The FTX-debacle-triggered second crypto winter has most major cryptocurrencies stumbling below their long-held psychological support, but the Synthetix price has soared by 14%. Prominent users on CoinMarketCap are claiming that SNC “will be the market that will be leading the next market”. Does that mean this utility-based crypto is due for a comeback? Or is it just a momentary fluke that is fueling the copium? Let us discuss this.
Synthetic Price Slumped, But it Is Slowly Coming Back
The revelation that SBF is not really the “world’s most kind-hearted billionaire” hit everyone by surprise. Prominent crypto YouTubers from CoinBureau to Biaheza that once motivated others to start trading on FTX are now put in question. And as more stories were revealed in the past week, people’s faith in the crypto market started to wane, leading to the second “cryptogaddon” of 2022.
Synthetic, a utility crypto that comfortably hovered over $2 support, was pushed down to below $1.8 levels in response to the crash. While this asset’s utility created a significant rebound, its value took another hit on November 14th, and it closed at $1.5. However, a rapid response from the bulls has put Synthetix back into action.
The intraday trading charts show that the red of November 14th was followed by a bullish engulfing pattern meant to stabilize SNX’s price. After accumulating at $1.6 around noon on November 15th, the price showed another bullish engulfing pattern meant to establish an uptrend.
At the time of writing, Synthetic is trading at $1.8, and the community’s response shows that many are still ready to put their faith in this token.
Why is the Crypto Community Still Bullish About Synthetix?
Synthetix is a decentralized synthetic liquidity protocol that enables users to issue synthetic assets on the Ethereum blockchain. These commodities include gold, silver, synthetic tokens, synthetic inverse tokes, cryptocurrency indexes, and synthetic fiat currencies.
By serving as the back-end of protocols such as Ethereum and Optimism, the Synthetix ecosystem has become an indispensable part of the blockchain space. Being collateralized by multiple tokens such as SNX (native crypto of the Synthetix protocol), Ethereum, and LUSD (stablecoin used to pay liquidity loans), Synthetix presents a breed of cryptocurrencies that hold more value than just being another tradeable asset.
That aside, Synthetix is one of the few ecosystems historically telling its community to stay away from the centralized space. In its recent tweets, Synthetix said it is better to put SNX on-chain since self-custody of assets is important in a decentralized economy.
Why are you still holding $SNX on a centralized exchange?
Bring that beautiful SNX on-chain, and be a part of the system that powers the SNX ecosystem:@kwenta_io – Perps and Spot@lyrafinance – Options@PolynomialFi – Automated Options
Take self-custody. See ya on-chain! ⚔️
— Synthetix ⚔️ (@synthetix_io) November 14, 2022
From what we can observe from the recent developments, these words aren’t merely hot air. The platform recently initiated direct integration of its Atomic swaps utility with 1inch.
👀 Looks like @synthetix_io Atomic Swaps direct integration with @1inch will be back starting this Mon-Tue
This integration will deliver the best fills for traders using @1inch/@CurveFinance by using SNX's deep liquidity and low fees for atomic swamps.https://t.co/PZ0HhD2Otj pic.twitter.com/hQYtBafiMs
— MattLosquadro.eth (@MattLosquadro) November 12, 2022
Should you Buy Synthetix At Its Current Price
The current price of Synthetix presents a buying opportunity since its current market value is close to 95% less than its all-time high. Also, the current developments and the crowd’s bullish sentiments surrounding SNX are other reasons interested parties may consider investing.
However, it would be prudent for the cryptocurrency community not to put much weight into crowd sentiments all the time. The recent massive price drops in the crypto space have revealed how investors – even seasoned ones – tend to oversee certain market fundamentals due to their faith in a particular asset. It is time to look for practical investments that can give you guaranteed gains.
Dash 2 Trade a Presale Cryptos With Huge Upsides and Guaranteed Profits for Early Movers
Dash 2 Trade is one of the biggest presale crypto offerings this year that sports a unique crypto trading intel platform that makes high-end tools accessible to ordinary traders. Only three weeks into its presale, D2T has raised more than $6 million and is continually eyed by cryptocurrency exchanges.
After declaring last week that LBank will become one of the first cryptocurrency exchanges to list D2T, Dash 2 Trade has now signed an agreement with Bitmart, another centralized exchange,
Sporting a 24-hour trading volume of more than $400 million, Bitmart ranks 24th in CoinMarketCap’s ranking for cryptocurrency exchanges. In light of this new agreement, Bitmart has announced on Twitter, and the crowd response suggests that the community is eagerly waiting for the presale to conclude.
Dash 2 Trade Provides Exactly What the Trading Community Needs – Crypto Analytics Tools that Can Help them Weather FTX-like storms in the Future
After the world’s second cryptocurrency exchange, FTX’s, collapsed, faith in cryptocurrency is low. However, many experts say that the signs were there from the beginning.
After the first crypto bear market of 2022 that was caused due to the Terra crash, crypto VCs like Voyager and 3AC were demolished, and so was the money they owed to other firms. One of those firms was Alameda research.
However, SBF, the chief of Alameda and FTX, claimed that Alameda Research was fine. To assert his position about this matter, Sam Bankman-Fried flew in like a good samaritan, eager to help other cryptocurrency exchanges that were on the verge of collapse in June-July 2022. It gave Sam the moniker of “good guy of crypto”.
However, as the story unfolds, we are slowly seeing evidence of market manipulation, even high-scale fraud that may put Sam behind bars.
The losses of the market could have been suppressed if traders had the right tools to make informed decisions. That’s where Dash 2 Trade comes in. With its large catalog of utilities, Dash 2 Trade, dubbed as the “Bloomberg Terminal of Crypto,” can provide insights that investors can’t access looking at traditional trading charts.
Those features include a strategy builder, social sentiment analysis tools, access to real-time data, and more.
Invest in Dash 2 Trade With These Steps….
In order to buy Dash 2 Trade, users need to go to the official website, connect their ETH or USDT-filled wallets and swap those assets for D2T tokens.
Mobile users can invest using the in-built Trust Wallet browser on the presale page.
…and Earn Profits Through Increase in D2 T’s value in the Latter stages
Other than listing, another factor early movers can tap into is Dash 2 Trade’s presale-price appreciation. As the price of individual assets increases with each stage, early investors of Dash 2 Trade can earn profit even before DT2 lands on crypto trading platforms.
Related Articles
Join Our Telegram channel to stay up to date on breaking news coverage
