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SNX

SNX BullishEasier to read on my blog at medium ideabuds.medium.com As you can see Synthetix does have a long history of out performing BTC (green line) even in BTC breakout year of 2017, albeit that was when Synthetix was brand new and super tiny vs. after it has attained its high market cap rank. It has established a higher high, higher low trend vs. both BTC and ETH. Most notably, news maybe driving this recent push. An article was published on a high price target (Over $1000 per SNX) which is why the token’s sentiment is now in full gear. That and I believe because in the environment we are in (BTC breaks above ATH) speculators want to use SNX to make shorts and hedges and leveraged positions, so the user demand not speculation demand is up on SNX as well. SNX allows the token holder to establish the 500% collateralized debt position to create leverage which the trader then uses to buy more BTC ETH (as they can at MKR or COMP but the SNX exchange allows users to speculate on whatever under the sun they want whereas COMP, AAVE, and MKR et al do not). Here is another major aspect of why SNX and UMA among other future competitors in the derivatives space may go to the moon more than BTC or ETH. Image for post Now a few words on why all stocks are ETH or why BTC is limited to Gold etc.? That is not really how I see this unfolding its just to make a point. ETH is more speculative than BTC like stocks are more speculative than gold (in a sense). Gold (unleveraged) is the traditional store of value, while ETH is more like a stock play on decentralized finance and crypto currency and the evolution of the entire space). So no I don’t think currently ETH has a capture on all Stock → Crypto flows, just making a general analogy. I believe capital flows will initially flow into BTC and ETH and BTC will remain the dominant crypto market cap until ETH perhaps takes over in the next 5 years as DeFi develops? Timing this is difficult right now. I don’t know when ETH will take over, but I do think BTC will need to stabilize in price and cease to give investors huge gains in order to incentivize risk taking into ETH / Alts. But that could be wrong perhaps ETH staking rewards which are now in effect is the turning point for ETH becoming the dominant currency in crypto? I believe most money will flock to Bitcoin until we see wide adoption of BTC as a “reasonable” investment in the main stream though, and until then investors will think being cautious and not investing in alts is a “wise” thing to do. New entrants into crypto are what make markets rise, and so I believe new money will mostly come to BTC. The question is is will old money stay in BTC or will it jump into ETH & Alts as new money takes the BTC at high prices from them? If this waterfall is 1 to 1 BTC plateaus and ETH sky rockets? To answer that we must look at stock to flows, and TVL vs market cap for coins gaining large shares of market cap and apply some micro coin economics to forecast the beta of various Alts. How much supply is left on the exchange? What is the flow from BTC to a composite of Alts? BTC dominance relative to money flows is going to be a key indicator and we will need to chart that trend and look at resultant betas. Perhaps the best way is to simply chart Alt/BTC and Alt/ETH, and use a composite of DeFi coins index as the Alt and then use actual technical analysis rather than adding up supply numbers. That is what I’ve done above, and I think until the math is easy and data is available it is what I have to go by. Let’s consider the medium run future where crypto is accepted as legitimate and not idiotic, but perhaps not fully adopted in an “all fiat goes to zero” scenario - you still have dinosaur boomers conducting business / trading on CME futures exchanges. What does that look like? Why does a futures trader leave the CME group and come to synthetix.exchange? What will that experience be like for him? Won’t it be similar to learning how to use email and pay bills online instead of writing checks? How will he learn it? Reading whitepapers and really being comfortable will take time. This is a much deeper and more realistic view of how to view the evolution. That being said, if pricing trends are already being shown in the market we are in the adoption curve in a place where we can make money on it, its not a wait for people to find it kind of a play. It’s here. It’s now. BTC ETH and SNX will all do well I believe as investments but the extent SNX is able to really establish and maintain long-term upward trend lies in its ability to create a moat and not lose market share to competing derivative exchanges / coins. It must allow users (traders) the ability to do something they just can’t do on other crypto exchanges and both it and its competitors must be able to offer something the boomer cant do on traditional exchanges. I think there is potential for that, but I don’t totally understand SNX yet to say if it does that currently or not. To me, it’s just an idea and a narrative that the market is buying, but let’s go with it and research it as it rises. What I do see is the market is recognizing it as an asset they want to bet on likely because they see it as the beginning of a new bull market for DeFi as supported by it’s the leader to fully recover from the September Defi bubble pop, even stronger than Chain Link, which has not fully recovered ($12.50 from a peak at $20). This is starting to seem like SNX may be THE story as Chain Link used to be, which is exactly why it’s important to perhaps not hodl long-term positions in alts, but to make sure you capture some gains and redistribute based on relative performance and charting. Crypto investors / traders are fickle and the capital moves from coin to coin faster than anywhere in the world.
Long
by reversalradar
SNX (Y20.P5.E1).Stalking a breakout tradeHi All, Another one I overlooked, was stalking it but lost focus. Hmm. Previous post link below. This does look like an inverse H and S and hence the 1st Target. MY THOUGHTS: If the weekly resistance stops it, then look to buying in at the level suggested if a pullback happens. If it does break, look for a retest on the weekly resistance before buying in. To go long, I would like to see a daily candle open and close above the weekly level. All the best, S.SAri Weekly chart..,bullish in structure. Should do well in ALT season. Possible scenarios PREVIOUS POST
Long
by ssari
2
✳️Synthetix Network/USDT (8/12) View + Trading Plan #SNX $SNXSNX is on a very strong recovery after falling from 5.5$ to 3.5$ and currently SNX is consolidating the 5-5.5$ zone as a springboard for a breakout to the 6.5$ zone and even the 9$ and 10$ zone this December However, if SNX is still rejected at 5.5$, it will correct to 4.5$ and then rebounds. The 4.5$ zone is the last support zone for this uptrend. 📈BUY- LONG -Buy: 5.5-5.75$ if A. SL if B 📉SELL-SHORT -Sell: 6.5-6.75$ if B. SL if A -Sell: 8.75-9$ if B. SL if A -Sell: 10-10.5$ if B. SL if A ♻️BACK-UP -Sell: 5.5-5.75$ if B. SL if A -Buy: 4.25-4.5$ if A. SL if B -Sell: 4.25-4.5$ if B. SL if A -Buy: 3.5-3.75$ if A. SL if B -Sell: 3.5-3.75$ if B. SL if A -Buy: 2.25-2.5$ if A. SL if B ❓Details Condition A : "If 1D candle closes ABOVE this zone" Condition B : "If 1D candle closes BELOW this zone"
Long
by CryptoStation
SushiSwap and Synthetix lead DeFi tokens in recovery The cryptocurrency market is in consolidation but SNX and SUSHI are flying the bullish flag high. Synthetix is poised for a 60% upswing above the ascending triangle pattern. The cryptocurrency market is awfully quiet since the week started. The weekend session saw some considerable movement, amid the push by the bulls to recover from the losses incurred last week. However, SushiSwap (SUSHI) and Synthetix (SNX) appear to have broken away from the rest to post the biggest double-digit gains among the top 50. SushiSwap breakout eyes $3 SUSHI/USD is up 13% in the last 24 hours. Recovery was significant after the dip to levels slightly under $2. An ascending parallel channel has come into the picture and even boosted the price action after the middle boundary resistance was broken. Meanwhile, SushiSwap is trading at $2.6 while dealing with the uphill battle of breaking above the channel's upper boundary. The Relative Strength Index seems to have reinforced the bullish outlook with its movement into the overbought region. SUSHI is likely to continue with the upward motion until the RSI starts to reverse due to overbought conditions. Synthetix rally is in the initial stages Synthetix has rallied over 16% in the last 24 hours. The decentralized finance token is trading at $5.45, as bulls push to sustain gains above the already broken x-axis of the ascending triangle pattern. The RSI is in tandem with the upward momentum, moving higher within the overbought region. If the breakout above the triangle is sustained, Synthetix could swing upwards by 60% to trade close to $10. For now, rising above the hurdle at $6 is key for the continuation of the uptrend. On the downside, a correction will seek refuge at $4.75, a region highlighted by the 50 SMA and the 200 SMA.
BINANCE:SNXUSDLong
by CoinGape
What if SNX breaks through the Structure? Can we expect 100% Up?What if SNX breaks through the Structure? SYMBOL: SNX,SNXUSD,SNXUSDT,SNXUSDTP,CRYPTOCURRENCY Trade close manually when: the above ribbons turns Yellow or better Red. I appreciate your like or comment. Welcome to share your idea here. DISCLAIMER This is only a personal opinion and does NOT serve as investing NOR trading advice. Please make your own decisions and be responsible for your own investing and trading Activities.
Long
by go8686
✳️Synthetix Network/USDT (1/11) #SNX $SNX #SNXUSDTAfter breaking the Descending Triangle pattern, SNX is now heading to the 1.5$ zone. However, there is likely to be a significant buying force in the 2.5-2.75$ zone and we can believe in for target 3.5$. If the 1D candle closes above the 3.5-3.75$ zone, the SNX easily rises to the 5$ zone. 📈BUY- LONG Strategy - Buy: 2.5-2.75$. Stoploss if B 📉SELL-SHORT Strategy - Sell: 3.5-3.75$. Stoploss if A - Sell: 5-5.25$. Stoploss if A ♻️BACK-UP Plan - Sell close to 2.75-3$. Stoploss if A - Buy: 2.5-2.75$. Stoploss if B ❓Details: Condition A : "If 1D candle closes ABOVE this zone" Condition B : "If 1D candle closes BELOW this zone"
by CryptoStation
4