SNX: rally of 116% (analysis as of 1 August 2022)


After crashing in May and June, the SNX fell from its local high of $ 7.7 to $ 1.5 in a month. It must be said that the market recovery has been more benevolent for many altcoins such as Synthetix than for others.

Before embarking on the analysis, we recommend that you invest in cryptocurrencies only on safe and legal platforms such as: eToro, where you can open a simple real money account and that’s it only 50 Besides, you also have the demo and copytrading functionality.

Click here to open an account with eToro

SNX: current situation

SNX recouped all of its June losses and nearly half of its May decline with a rise of 116.08%.. This pushed us the trading price of the altcoin to $ 4.02.

At the time of writing, SNX is trading at $ 3.78 on the chart. The Synthetix sUSD stablecoin platform was activated as a collateral on the AAVE V3 platform on Optimism. But not only that, the Atomic Swap by Synthetix They have also been integrated with another DEX aggregator: OpenOcean.

Read more:  Análisis de precios de Ethereum, SAND, Chainlink: 26 de diciembre

This allows the DeFi protocol to perform well as both a resource and a dApp, and this growth should continue unless SNX faces a bear attack soon.

The likelihood of the same happening seems to be decreasing day by day as the fear in the market wears off. Index of fear and greed of cryptocurrencies it was close to its four-month high. However, it should be noted that even though he was greedy, he was still relatively far away.

The SNX appeared to be showing an upward movement as the parabolic SAR white dots remained positioned below the candles, which also showed the Average Directional Index (ADX) above the 25.0 line. upward trend has gained strength.

Read more:  Las ballenas están empujando a Ethereum hacia los $ 3,000, pero ¿será demasiada la "complejidad"?

Final comments

In conclusion, we would like to remind you that if you want to invest in cryptocurrencies, it remains the simplest and safest way eToro which has low spreads, has a free demo account and which one trade copy. And then just open a real account only 50 euros.

Sign up for eToro now by clicking here

Click to vote!

Finanzas News