Synthetix Forecast: SNX Climbs 2% – Is the DeFi Landscape Shifting?

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Synthetix (SNX) is among the day’s top crypto gainers as bulls dominate trading and most altcoins post gains.

🚀 Today's Top 5 Crypto Gainers on #CoinTR 📈

🪙 $TRB +32.06% 💹 @WeAreTellor

🪙 $BEL +5.24% 💹 @BellaProtocol

🪙 $ROCO +2.50% 💹 @RocoFinance

🪙 $SNX +1.71% 💹 @synthetix_io

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— CoinTR | PRO (@CoinTRpro) September 27, 2023

However, the price action remains confined within a descending parallel channel, which bars the upside potential for the altcoin.

It comes after the Synthetix network rebooted its perps trading incentives on September 13 for both the Optimism Perps Rewards Program and the Lido stETH Perps Rewards programs. In a recent update, the network has indicated that the Perps V3 trading competition will begin on October 2 on Base testnet.

Exciting news! The Perps V3 Trading Competition will begin next week, on Oct 2nd, on @BuildOnBase Goerli Testnet.

Compete to win $15,000 SNX, 15 $Kwenta, and NFTs!

Join us @kwenta_io and @polynomial_io to earn prizes and enhance Perps V3.

Learn more 👉 https://t.co/0V3Pj7YoFA pic.twitter.com/hrZYhQleF7

— Synthetix ⚔️ (@synthetix_io) September 26, 2023

With the competition launching, Synthetix is offering a generous prize pool of $15,000 worth of SNX, 15 Kwenta tokens, alongside exclusive NFTs courtesy of the SNX grants council. Selection of winners will hinge upon individual trading performance, such that those with the highest returns will get the largest rewards.

Synthetix Price Prediction As SNX Tests Channel’s Upper Boundary

Synthetix price remains bearish, with the Parabolic SAR indicator hovering above it at $2.345. However, the token boasts a 2% surge over the last 24 hours, steered by bullish momentum from the demand zone.

Increased buying pressure above current levels could see Synthetix price make a decisive move above the channel’s upper boundary. A break and close above the 50-day Exponential Moving Average (EMA) at $2.162 would confirm the breach.

SNX holders would still be in the woods until the price shatters the 100-EMA barricade and makes a decisive daily candlestick close above the resistance confluence between the horizontal line and the 200-day EMA at $2.318.

The directional bias of the Relative Strength Index (RSI) favors the upside, suggesting rising momentum.

Synthetix price — TradingView: SNX/USDT 1-day chart

Conversely, the red histogram bars of the Awesome Oscillator (AO) say otherwise, suggesting a strong presence of bears in the market. With this, traders that bought SNX at around $1.957, the midline of the demand zone (mean threshold), are likely to start selling as Synthetix price confronts the channel’s upper boundary.

The ensuing selling pressure could send Synthetic price south. For a confirmed downtrend, the price must break and close below $1.957, meaning longs can place their stop losses right above this level.

With a lot of uncollected liquidity residing below the demand zone at $1.906, it is likely that Synthetix price will make a full swing below before a potential pullback. However, this will likely happen after a quick run up towards the 100-day EMA at $2.235.

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Synthetix Alternative

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— Bitcoinbsc (@Bitcoinbsctoken) September 25, 2023

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