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SNX

SNX Synthetix Triple BottomSNX (Synthetix) has recently formed a triple bottom pattern, indicating a potential bullish reversal in the near term. The triple bottom pattern is characterized by three successive lows at approximately the same level, followed by a potential breakout to the upside. This pattern often signifies a strong support level and can foreshadow a price rally. Considering the formation of the triple bottom pattern, SNX may be poised for a potential price target of $2.40. This target represents the potential upside that could be achieved if the pattern plays out as anticipated. Looking forward to read your opinion about it!
Long
by TopgOptions
SNX- Next to PUMP? Has been a great past few days for me with some insane calls, especially AAVE yesterday and already on SNX: They way i operate is this: I work on many charts, i choose the best one. At this time of time I like SNX chart a lot: close to support, has potential for much higher. NEWS: Synthetix founder wants to buyback and burn millions of SNX tokens QUICK TAKE Kain Warwick, the founder of Synthetix, has come up with twelve proposals to incentivize the next phase of the project. Among these included a “SNX split and buyback” proposal that involves a 3:1 split of SNX, followed by a buyback and burn. Kain Warwick, founder of decentralized derivatives trading protocol Synthetix, proposed 12 substantial governance proposals to propel the platform into its next phase. These initiatives strive to broaden Synthetix’s capabilities and stimulate increased participation from its community members, as outlined in Warwick’s “State of Synthetix” post. A significant proposition is the “SNX split and buyback” proposal in the post. Warwick suggested a 3:1 split of SNX, followed by a buyback and subsequent burn using the Treasury’s fee yield. “Should we proceed with a 3:1 split, we would have approximately 90 million additional tokens for buyback and burn, with a market price of $60 million,” Warwick explained. The founder further clarified that the funds required to burn these tokens would be sourced from the treasury fee yield. Introducing quarterly bonuses Another proposal, termed the “core contributor alignment,” seeks to incentivize project contributors by distributing Synthetix Network Tokens (SNX) as quarterly bonuses. Warwick believes this strategy could secure ongoing commitment to the protocol’s success from the platform’s contributors. Additionally, Warwick proposed the allocation of SNX for trading incentives. This aims to stimulate trading volume and foster increased market activity on the Synthetix platform. Beyond this, he suggested giving SNX to stakers to boost their involvement and commitment to preserving the platform’s stability. The Synthetix platform supports decentralized derivatives trading within its liquidity pools, which currently boast a total value locked (TVL) of over $420 million on Ethereum and the Optimism Layer 2 network. The purpose of presenting proposals, Warwick said, was to start a conversation and ensure the Synthetix community is kept in the loop about potential directions for the platform. The proposals will be put to a vote by the Treasury Council (TC), Synthetix’s four-member governance body, which is responsible for resource allocation for the protocol’s expansion and growth. Currently, these suggestions remain in the conceptual stage, needing votes to progress. “Nothing has been confirmed by a Treasury Council vote yet; however, many of these proposals have garnered support within the ,” Warwick commented. Link: www.theblock.co Looks like Synthetix is a good idea for me.. Targets: 2.45 2.8 3.7 Support: 2.154 1.968 One Love, The FXPROFESSOR PS. And let's hope market opening helps now
Long
by FX_Professor
8
SNX is about to explode!Hello, everyone! While CRYPTOCAP:BTC is in sideways it's time for altcoins to recover their prices. Yesterday my coin of the day was BIST:LINK , today is time for NYSE:SNX . In my opinion the increased Bitcoin dominance should be allocated to altcoins in the upcoming days/weeks. Lets take a look at the SNXUSDT price chart. Like other altcoins this asset is showing the correction ABC is wave 4 of any degree. Waves A and B have been already finished in my opinion and now price is finishing the wave C. This wave is so imulsive which allows us to see some nice gains. Wave C usually consists of 5 Elliott waves cycle. I think that wave has just been finished. Of course wave 3 was not so large, but longer then wave 1. Wave 4 has still not overlapped the wave 1 top. It means that the main axiom has not been violated. Wave 4 has the original target is zone between 0.38 and 0.5 Fibonacci retracement of the wave 3. Price has reached this level exactly. I decided also to apply the FibDiv trading strategy in conjunction with waves. If price bounces from this Fibonacci zone we shoud wait the the next impulse (in our case wave 5) in the resistance area which is marked as the red box. Therefore, first target is located at $2. But taking in account that wave 3 was not extended wave 5 can be extended. In such cases we have the second target at -0.618 Fibonacci projection. Now it's located at $2.15. After this pump I expect new deep dive. Best regards, Ivan ____________________________________________________________ 🔥Please, follow me and smash the rocket🚀 button to support me🔥
Long
by Skyrexio
2
SNX Just the other day u told me you were sorryGuys, snx hit take profit 2 on the super trend, then we had btc trouble so it negated the targets (which basically are the fib extension on the elliot wave, modified from hewhoshallnotbenamed) However it is my experience, that the coin once it reforms support will go test the targets. So I gone LONG, cause well Ladys give me lots of $$$, may buy a new bicycle. I wonder if snx will hit all targets and I can get a scooter. Stop adjusted to 2.10- leverage 10x- 20x. Please stop trading isolated above 10x, lol.
Long
by UnknownUnicorn39347201
SNX/USDT Technical Analysis: Bullish Long-Term Outlook with 200%SNX/USDT Technical Analysis: Bullish Long-Term Outlook with 200% Upside Potential The SNX/USDT pair has confirmed a breakout in the high time frame (HTF), indicating a bullish outlook for the long term. As of writing, the price is trading around HKEX:3 , with the breakout level at $2.70 and a retest level at $2.25. This technical analysis aims to provide insights into potential price movements and actionable trading strategies based on the chart. Technical Analysis The SNX/USDT chart suggests an upward move is likely to continue before experiencing some retracement. The breakout level has already been confirmed, and the price has retraced to the retest level, indicating a strong support zone. The long-term trendline has also been broken, further supporting a bullish outlook. Targets and Stop Loss Based on the chart, the potential targets for the SNX/USDT pair are $3.40, $4.50, HKEX:6 , and $7.30. However, it is important to note that a strict risk management strategy must be in place, with a stop loss set below $2.50 to mitigate potential losses. Takeaways The SNX/USDT pair has confirmed a breakout in the HTF, indicating a bullish outlook for the long term. The chart suggests an upward move is likely to continue before experiencing some retracement, with potential targets at $3.40, $4.50, HKEX:6 , and $7.30. A strict risk management strategy must be in place, with a stop loss set below $2.50 to mitigate potential losses. Conclusion In conclusion, the SNX/USDT pair presents a bullish long-term outlook, with a potential 200% upside from the breakout level. However, it is important to note that this is not financial advice, and investors must conduct their own research before investing in any coins. Follow us for more quality content. Thank you
Long
by CryptoPatel
2
#Synthetix in a Bull Flag after a 45% SurgePast Performance of Synthetix Synthetix prices are firm, adding roughly 45% from last week's lows. Though prices are inside a bull flag, buyers are determined to press on. In the short term, resistance remains at around $3.3. Any surge above this reaction line may see the token break higher, printing new 2023 highs in continuation of buying pressure from Q4 2022. #Synthetix Technical Analysis The bull bars of March 12 and 13 define the current uptrend. Buyers may be in control from the daily chart, but prices are bound within the two bullish engulfing bars. Though this is positive from an effort versus result perspective, there needs to be a strong push above the flag and $3.3 for a trend continuation. Therefore, considering the setup in the daily chart, aggressive traders may load the dips above the base of the flag at around $2.5 with targets at $3.3. Meanwhile, conservative traders can wait for a clean, high-volume break above Q1 2023 highs before ramping up with targets at $3.6 and $4.2. In this way, they will align with the dominant trend established in Q4 2022. What to Expect from #SNX? Traders are positive, but there must be a clear trend definition in the short term, above or below the current consolidation. Any upswing may draw demand, pushing SNX to new levels. Resistance level to watch out for: $3.3 Support level to watch out for: $2.5 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
1