Synthetix is a protocol that allows the trading and issuing of synthetic assets on the Ethereum network. The Synthetic protocol is powered by the SNX token, which has created a space for itself in the rapidly growing crypto market. At the moment, SNX is stabilizing in its value. At the time of writing, the SNX token is trading at $10.28, a 1% gain in value.
SNX Price Analysis
Looking at the chart above about SNX, it is clear that the token has not been doing well since May. The May crash led to a decreased token value, and SNX has since been unable to recover. However, the coin may soon push past the bears, and it may increase to higher values.
SNX still needs overwhelming support from the broader cryptocurrency market because it is one of the factors that will boost its value. Following the recovery of bitcoin, altcoins seem to be recovering, and it remains to be seen whether SNX will pick up the trend. DeFi projects have been shaping the crypto market, and with Synthetix venturing into the sector, it may create a strong future for the token.
The candlestick chart above shows that in the past 24 hours, the token has created an inverted hammer, which indicates that the coin will create a bearish trend in the coming days. For the token to resume a bull trend, it needs to push past higher resistance levels. If it manages to reach $15, it will create a buy from retail investors who want to leverage profits. However, the coin will need overwhelming support for it to reach $15.
Synthetix gained popularity in April this year when the platform allowed its users to trade leading stocks belonging to tech companies. The news was received gladly by traders who wanted to gain exposure to crypto trading when they were at a lower risk of enjoying returns.
Where to Buy SNX tokens
To buy SNX tokens, create an account on any of these exchanges:
eToro makes it possible for you to buy tokens that you can easily sell. The exchange is highly reputable because of its unique set of features. Furthermore, it also allows copy trading so that new traders can copy the trading strategies of seasoned traders in the crypto market.
The other cryptocurrency exchange that supports SNX is OKEx. The exchange offers competitive trading fees that make it easy for new traders to maximize profits. The exchange is also supported in many countries.
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