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Although the overall market is still bearish, things are looking up for Synthetix Token as it has reached the $1.80 price point amidst the fact that the market as a whole is still bearish. This week, Synthetix Token took a huge hit as a result of the recent market turmoil that was caused by news surrounding the FTX exchange.
Synthetix is currently developing a decentralized protocol for the provisioning of liquidity that any other protocol will be able to access for a variety of reasons. Its extensive liquidity and relatively cheap transaction costs make it an ideal backend for a wide variety of interesting protocols on both Optimism and Ethereum.
In the Synthetix ecosystem, several user-facing protocols, such as Lyra, Kwenta, Polynomial, and numerous more, access Synthetix liquidity to operate their protocols. This is done in a number of different ways. Optimism and Ethereum’s mainnet are the underlying technologies of Synthetix.
The issue of synthetic assets is made possible through the Synthetix Network, which is collateralized by LUSD, SNX, and ETH respectively (Synths). Synths are financial instruments that follow the performance of underlying assets and give rewards on those assets without needing investors to actually possess such assets.
Synthetix’s liquidity may be utilized to underwrite the issuance of several configurable financial products on the blockchain. Synthetix V3 will seek to reconstruct the protocol to achieve its initial goal to become a derivatives system without the need for permission, while Perps V2 will attempt to enable low on-chain futures trading by employing off-chain oracles. These two are expected to become accessible in the near future.
Synthetix Price Prediction
The previous week, Synthetix (SNX) was trading at a solid $2.80, and then all of a sudden, the unexpected announcement of the FTX exchange had detrimental consequences for several alternative cryptocurrencies and large blue-chip cryptocurrencies.
The whole worth of Synthetix Token (SNX), which is now selling at $1.80, has suffered a significant damage and has dropped by approximately 40 percent.
SNX is now trading in a formation known as a falling wedge, which appears to be a highly promising bullish reversal pattern. SNX is clinging to an important support level of $1.65, where the price has fast recovered. A strong breakout to the upside might result in a significant price increase, which would be beneficial to bulls as well as those who are currently acquiring Synthetix Token (SNX) at these more affordable prices.
If the falling wedge’s pressure curve is broken at $1.75, as seen on the price chart on CoinMarketCap, a strong impulsive wave may be witnessed up to the next resistance around $1.90. If the wedge keeps dropping, this will be the case.
If this specific technical goal were to be breached, there is a potential that the price of this token might balloon up to around $2.25 that would amount in a gain of over 30% compared to the price levels at which it is currently trading.
Although it is essential for SNX to maintain its position at the $1.65 support level in order to prevent a negative continuation to the level of $1.40, this might be another very nice chance for dollar cost averaging if it is held until the next Bull Run in the cryptocurrency market.
Since reaching an all-time high of $29 in February 2021, when the correction began for Synthetix Token (SNX), it is well knowledge that the price has dropped by more than 90 percent. Even if the price chart of SNX on CoinMarketCap is displaying a downward trend that seems exceedingly gloomy, the possibility for more losses has been significantly reduced at this point.
These specific high anxiety conditions are perfect for long-term accumulation and piling up the most valuable cryptocurrencies on the market (getting ready for the next Bull Run).
In the previous 24 hours, Synthetix has had a price increase of 0.50%, bringing it up to $1.80 despite having a 24-hour trading volume of $34,667,279 USD.
Synthetix’s Market cap as of right now is $550,549,214 USD, ranking it at number 68 on CoinMarketCap. In totality, there are 305,665,962 SNX coins in circulation, with a maximum supply of 291,657,310 in circulation at any given moment.
CoinW, BTCEX, Binance, MEXC, and Bitrue are presently the best cryptocurrency platforms for investing in Synthetix currency. If you would like to know where you can buy Synthetix at the present rate, the best places to do so are listed above.
For a better chance of gains, invest in presale cryptocurrencies like Dash 2 Trade.
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