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

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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.

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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.

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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.

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