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Synthetixnetworktoken

SNX Today's bullish chart and useless predictionsFull disclosure: I am a long-term HODLer of compounding Synthetix Network Tokens (SNX). I firmly believe in the project and platform which is making an ever-increasing number of assets (crypto, FOREX, Commodities, Stocks, etc) available for decentralized trade (derivatives, futures, shorts, etc) without the traditional barriers and gatekeepers. With lower fees, greater yield opportunities, built-in token utility and token scarcity, it is hard not to be excited. Now, for what I see in chart-land and my useless prediction. I see $7.50 acting as support. If SNX can hold, there is relatively little historical retracement resistance until we approach $12. I do expect SNX to set new ATH (All-time-high) fairly soon, but we might see a pull pack if SNX screams too quickly toward the next resistance around $12. So, did I really predict anything you can't read in the chart. No. Useless prediction? Maybe...but I might be the voice in the dark you needed to hear to keep hodling or buying. Be sure to check my other published ideas on SNX to get caught up (or to read how I add almost 8 SNX tokens per week without staking or lifting a finger). If you have any questions or comments, please share. Thanks!--Garry
BINANCE:SNXUSDLong
by tg-l
SNX: Breakout above $7.50 could see doubling to next resistanceDisclosure: I am a long-view SNX HODLer. This is not financial advice. This is simply my opinion and how I apply it to my own assets. 1 April 2022- My views on the current bullish SNX action: As SNX has blasted more than 100% up from its recent lows, it has now established $7 as its potential support level and it is nearing the next SUPER IMPORTANT resistance level at $7.50. Volume has been good, ever increasing. The project and platform finally has firm footing, momentum and is firing on all cylinders. And if SNX rises above this $7.50 level, I see the next major resistance as double from here! DOUBLE! 100% from here! Take a look at the chart. If you like this idea, please check out my other ideas on SNX for more information on the token, the project and how to earn high APY on SNX the easy way.
BINANCE:SNXUSDLong
by tg-l
SNX BREAKOUT; $6 surpassed! Will it act as support? I think so!Full disclosure: I am a HODLer of the Synthetix Network Token (SNX). I transferred over 2700 tokens to Celsius Network on 31 July 2021 where I was receiving 13.99% APY at the time. They have since increased the yield to 14.05% APY, paying out every Monday like clockwork. Trade View will not allow me to advertise my referral code for Celsius here, but I do have one if you message me. Now, for what has me so excited about today's chart. We just broke through $6. If SNX can hold above that level perhaps even retesting it as support, I think we may see SNX take off. I added the "auto pitchfork" visual to give you an idea of what I hope to see happen. This derivatives project is sound, the token is necassary to conduct business on its platform and the token has scarcity on its side that lends to an upside of somewhere in the $50 to $100 per token range... if the inflated dollar doesn't continue to crash from here. If the USD does continue to collapse, it will further enhance crypto price action in our favor as people seek other sectors (crypto) to store value. Sidenote: I now have over 3012 SNX tokens thanks to the power of compounding at Celsius Network. I don't have to hassle with swap defi platforms, high ETH gas-fees, or delegating, validating or staking in general. I just watch it grow every Monday. If you wish to do the same with your SNX (or 40-plus other cryptos), we can both earn $50 worth of BTC when you open an account using my referral code and move $400 worth of crytpo to Celsius and hold for 30 days. And you will have your own referral code you can share with your friends once you have an account.
BINANCE:SNXUSDLong
by tg-l
SNX Trade synthetic assets with 10x leverage- Perpetual FuturesToday, 21 March 2022 Synthetix Network emailed out the following notification to followers of the project: "Perpetual Futures Launch" "It's been almost two years in the making, but our synthetic perpetual futures have finally launched. Now anyone with access to the internet can trade synthetic assets with 10x leverage. Want to trade? Head over to Kwenta's dedicated trading UI to access the beta version." "Benefits of Perpetual Futures: - Leverage - Short Exposure - Hedging - No expiration (unlike traditional futures)" "Kwenta Perpetual Futures, powered by Synthetix, is the perfect trading protocol that offers low fees, deep liquidity, and complete decentralization (no sign-up required!)." "Synthetix's perpetual futures enable a much expanded and capital-efficient trading experience by allowing leveraged longs and shorts on a large selection of assets. SNX Stakers get an additional revenue stream in a market that is untapped – no one in the perpetual futures industry has ever shared this revenue with their community." If you are interested in the Synthetix project whether for trading in derivatives, futures, for staking or any other reason, you can gain a more detailed perspective by reading about these updates at blog dot synthetix dot io. Full disclosure: I am long SNX since purchasing at the end of July 2021. I hold my tokens on the Celsius Network and earn 14.05% APR without the hazards of staking or trading. I am a long-term HODLer. I see SNX eclipsing its ATH (all time high set in May 2021) by the end of 2022 or early 2023. If you like this idea, read my other ideas. If you have questions about earning from HODLing, I have a referral code that will earn us both fifty dollars' worth of BTC if your transfer at least $400 worth of assets to Celsius. Just ask me.--Garry
BINANCE:SNXUSDLong
by tg-l
SNX Liking the CMF chartQuick snapshot today. I am liking the Chaikin Money Flow (CMF, the green line below) on the Binance SNX chart. It isn't as strong on the Coinbase SNX chart but it is getting there. We haven't seen this kind of positive money flow since a few months back when SNX popped to $15 or so. Let's hope that a replay is in the cards, but we will have to see if this holds up. Time will tell. I continue to HODL knowing the project is sound. If you like this idea on SNX, be sure to read my other ideas.--Garry
BINANCE:SNXUSDLong
by tg-l
SNX update: Money flow, Solana now; MATIC, AVAX, AAVE, UNI soonDisclaimer: These are my observations and personal views on SNX. Full disclosure requires I tell you I am long SNX and see a high profit potential in this "derivatives" trading platform. Synthetix refers to these derivatives as "Synths." To actually trade, you need to go to Kwenta (kwenta dot io ). Now for the updates. As witnessed by the CMF (Chaikin Money Flow / green line below), the flow did not dip as far this last volatility cycle as the preceding dip. To me, this indicates a likely fast rebound once the markets calm. In other news, on 15 February 2022, Synthetix explained "Dynamic Exchange Fees" in their blog (blog dot synthetix dot io) and how it eliminates "frontrunning" during volatility and will keep overall fees low when trading on Kwenta. Additionally, on 15 February 2022, Synthetix released two updates. Well, one is actually an OCR protocol upgrade (SCCP-163) via Chainlink. The other is SIP-199 (they say 199 at the beginning of that blog article and 209 further in the reading) and is more exciting in my mind. SIP-199 added Solana (SOL) synth on Optimism with shorting functionality. And if that isn't exciting enough, Synthetix (dot io) retweeted the following: "New #Synthetix intelligence from lead developer of @synthetix_io, @MattLosquadro: 5 new synths coming to @kwenta_io: #MATIC, #AVAX, #AAVE, #UNI and #EUR So cool! The progress continues even as volatility makes for great SNX price entry... and I continue to earn my SNX tokens at 14 percent APY every Monday on Celsius Network. --Garry For more info or ideas comment or read my other ideas.
COINBASE:SNXUSDLong
by tg-l
SNX volatility optimism updates Chaikin Money Flow and high APYYes, I wish I had bought more on the recent sub-$4 dip. I am still holding long term but volatility is still the price we pay for being early in an enormous opportunity. I remain optimistic. Why? 1. I still see the desire to put money into Synthetix every time the market calms down as witnessed by the recent uptrend in the CMF (Chaikin Money Flow) green line. That will return when volatility subsides. 2. SNX is still smoking through the upgrades. This month isn’t even to the half-way mark and the Synthetix Blog (blog dot synthetix dot io) indicates SNX is on its fourth update for the month of February. Here are the latest take-aways. 8 February 2022, “Synthetix has partnered with dHEDGE to deploy a one-click debt mirror index for SNX stakers on mainnet Ethereum. With this tool, each staker can hedge their exposure to the debt pool…While this solution has been initially launched to layer one, we're working hard alongside the dHEDGE team and protocols on OE to make this a reality for OE stakers as well.” (OE = Optimistic Ethereum) 9 February 2022, “SIP 185…The Alphard release…This change enables many highly anticipated features, such as debt pool synthesis, putting an end to snapshotting staking rewards, and overall simplification of the debt tracking system.” So, as we get closer to mainnet launch, I continue to earn almost 7.5 tokens every Monday without the risk or worry of staking at 14.05% on the Celsius Network (regulated and licensed by SEC & US Treasury). I have a Celsius referral code that will earn you and I both $50 in BTC if you want it (just ask me).
BINANCE:SNXUSDLong
by tg-l
SNX update: Alsephina Release, $6 resistance & 14% interestDespite the Chaikin Money Flow (CMF green line below) demonstrating the monetary volume has been weak, SNX has been attempting to break-out upward through the $6 level. Meanwhile, I continue to earn almost 7.5 tokens every week without the risk or worry of staking at 14.05% on the Celsius Network. I have a Celsius referral code that will earn you and I both $50 in BTC if you want it (just ask me). Now, back to the latest Synthetix Network update. The following is taken from the Synthetix blog (blog dot synthetix dot io) and is only a portion of what was written: “2 February 2022- Alsephina Release…what’s included in this release: SIP-184: Dynamic Exchange Fees: Add a dynamic fee in addition to base exchange fees that responds to and neutralizes oracle ‘frontrunning’ opportunities. With such a mechanism in place, base exchange fees can be safely lowered significantly and the overall cost of trade execution on Synthetix can be drastically reduced. SIP-193: Refactor SystemSettings into Library to reduce contract size: Refactor and deploy a new library for SystemSettings to reduce contract size. SIP-196: Remove Centralized Oracle: Removes all centralized oracle code from Synthetix contracts and testing. SIP-196 removes all centralized oracle code from Synthetix contracts, which no longer rely on centralized oracles and instead utilize fully decentralized and trustless feeds from Chainlink.” So, from what I can understand, it is now safer, cheaper to trade and more reliable (decentralized/trustless) via Chainlink. There was no downtime on L1 or L2 during implementation. As for me, I continue to HODL and amass at 14.05% APY. Monday will be another interest payment for me just as every Monday has been since my first reward on 6 August 2021. Celsius is regulated and licensed by SEC & the US Treasury.--Garry
BINANCE:SNXUSDLong
by tg-l
Synthetix Fortune Favor the Brave What Is Synthetix (SNX)? Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset. The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market. - Trading this Token could be very impressive Gains, 300%, 600%, 750%. Everything is only depending on your strategy : ----------------------------------------------------------------- Trading Plan ----------------------------------------------------------------- Plan A : Buy : Now a bit ( if u trade it for long term hodl) Safety Buy : 3.5$ Rebuy : 2.5$ ( Bottom ) ----------------------------------------------------------------- Plan B : - Wait for strong breakout and buy (Breakout Line in the graph) - Buy Zones after breakout : 5,5$ to 7.5$ ----------------------------------------------------------------- TP 1 : 14.4$ (Security TP) TP 2 : 23.4$ TP 3 : 28.9$ ( before ATH ) ----------------------------------------------------------------- SL : No Need ----------------------------------------------------------------- - Follow always TheKing closely, play as Trader, don't be greedy and don't be fearfully. Happy Tr4Ding !
KRAKEN:SNXUSDLong
by thecryer
4
SNX update: Adding partners and featuresEven as the Synthetix token (SNX) attempts to break above its 20-day MA stacking what could be a fifth green-candle day in a row, the project has been busy this year already. Here are the highlights from this month's Synthetix Blog and the announcement dates: 12 January 2022- (after partnering with the Graph to make major subgraph improvements) Synthetix partners with Gauntlet team "to provide automated financial risk management simulations for the Synthetix protocol. The unique mechanics of the Synthetix protocol require deep analysis to optimize, and Gauntlet has the resources, systems, and experience to ensure that Synthetix has both proper risk management and optimized capital efficiency." 19 January 2022- SIP 200 The Peacock release fixed a "FeePool Rewards Distribution" glitch. 22 January 2022- "Integrated the Synthetix loans feature directly into the Staking dapp on Layer Two (Optimistic Ethereum). Loans have been live on mainnet for almost a year now, and we’re excited to allow more of our users access to sUSD loans." 24 January 2022- "Announced a new round of incentives for WETH/SNX on Optimistic Ethereum. Synthetix will partner with Gelato to leverage G-UNI pools that enable rewards for liquidity providers." Note that the blog announcements included "How-to's" as appropriate... like for loans or staking. These were only excerpts to help keep you abreast of the project's rapid advancement. For a deeper understanding, I suggest you read directly from the project's blog. This is still a long position for me as I continue to hodl hassle-free on the Celsius Network earning 14.05% APY or almost 7.5 tokens every Monday. Yes, I realize higher rates can be achieved for those who wish to do their own staking, but I'm lazy and 14.05% is huge for living in Texas and my not having to stake, delegate, or validate ever! If you want to know exactly how I am doing it and earn $50 in BTC using a referral code, message me. TradingView does not want me advertising that information here.
COINBASE:SNXUSDLong
by tg-l
SNX bottom: Are we there yet?With SNX mainnet still likely a month or so out, have we finally found the bottom in price action? I don't honestly know the answer and charts can only provide clues. Anyone who says they can predict with certainty is a liar. Again, this is NOT financial advice. This is simply what I am doing. I bought approximately 2765 Synthetix Network Tokens (SNX) on Coinbase in late July & early August (@$9.88 per SNX) of this year with the intention of earning no-hassle interest on Celsius Network at a yearly 13.99% APY. They pay me a portion (1/52nd of the yearly interest) in SNX tokens every Monday. The reasons I chose Celsius to HODL my tokens were many but knowing compounding interest at 13.99% will double my token count every 5 years was a big one. I understand there are ways to earn even more on Layer2 or on defi swap exchanges, but just as I am opposed to paying Coinbase their somewhat high fees for every transaction (buying, selling, swapping or transferring), I truly hate the volatile exorbitant gas fees of defi. I also hate all the steps necessary and the unpredictability of defi. Additionally, I have no desire to sit on my computer or stare at my cellphone all day making trades and computing transaction/gas fees or deciding where to delegate/stake my tokens. Is there a higher payoff with that higher risk? Sure. Don't care. That's just me. I wanted the "set it and forget it" high interest of Celsius that would cost me zero coins/tokens in fees once I migrated my SNX to their platform. I understood the potential of the Synthetix project (derivatives) well enough to be content sitting on a growing pile of tokens until their real value is discovered sometime early next year with the mainnet launch. So, how have I been doing so far? The price per token has taken a beating lately. But my view is truly longterm, especially by crypto-world standards. My token count now stands at 2914.828985. Celsius just added 7.35814 tokens to my personal account this morning. I don't take the risk of staking. I don't pay any gas fees. I don't pay any fees at all while I sit on my growing pile of SNX. Added bonus. Celsius just upped the interest rate to 14.05% APY on my SNX. They are adding a better on-ramp/off-ramp feature in the next few weeks, so that I won't have to pay fees to Coinbase (or other Cefi or Defi exchanges) ever again. No more having to buy elsewhere and pay fees. No more transferring and paying fees. I HATE fees! If you like what I am doing and want to use my referral code to earn $50 in BTC for setting up and transferring your coins or tokens to Celsius, just ask in the comments (Tradingview does not want me advertising my referral code). Celsius has over 40 coins/tokens that they service (the referral code applies to any of them). Most offer higher interest than you will find on other Cefi and they don't charge fees. Did I mention, I HATE fees?
BINANCE:SNXUSDLong
by tg-l
SNX Layer2 Coming in HOT!The SNX updates are coming in fast & furious. Transition to Layer 2 is still underway and SIPs are being implemented. This current SIP is bringing "Shorting" capabilities to Layer 2. I love that SNX is still flailing around at the bargain price we see today. I'm telling my friends to pick up more if they have extra cash and store their SNX at Celsius Network to keep their count count growing (13.99% APY...ask for my referral code to get $50 worth of BTC). See the latest (dated today, 8 October, 2021) SNX blog update concerning this SIP scheduled for "early next week": blog.synthetix.io/the-sargas-release/
BINANCE:SNXUSDLong
by tg-l
SNX HodlingThis is not financial advice. This is simply what I am doing and why. I find SNX extremely attractive at $10 or below. I consider it on sale. As a derivatives platform, Synthetix Network has a very profitable idea. If they can pull it off, traders will be able to go to one place and trade without using paper moneys (using tokens to buy synths), to the long or short-side everything from Amazon stocks to Commodities to Crypto to FOREX trading (yes, trade in dollars, euros or yen without using fiat) without ever having to touch a standard banking or brokerage system. They have already pulled it off, but they are transitioning from layer 1 to layer 2 and keeping accurate pricing with zero slippage and token count across both layers is current priority. They look to be layer 2-only by early 2022. In the meantime, I have been hodling (holding) via Celsius Network for a 13.99% apy which I receive every Monday like clockwork. I started with 2771 tokens at the beginning of this August and already have 2814 tokens just for holding. Come Monday, I will have 2821. For a token that has such high potential once trading volume/adoption picks up on the Synthetix Network platform, I am making out like a successful bandit. Consider token scarcity...under 115 million circulating and just under twice that total supply potential. Prediction: I am fairly certain SNX will triple within 6 to 12 months even before high adoption rates. Yes, mark me as saying $30 is an easy target. That is the low hanging fruit. Trader adoption will take it far beyond that, but it won't fully hit until the transition to layer2 is complete. I expect to reap massive returns after that. It is still EARLY! Meanwhile, my tokens compound at almost 14% per year making my token count DOUBLE every five years. Einstein's eighth wonder at work! So, I am looking at triple multiplied by double compound gains in 5 years as conservative! On the high but realistic side, 10x to 20x...and I still get the doubling of that every 5 years with my no-brainer compounding, holding at Celsius. I hold there because there is none of the usual hassle associated with staking...no "validating or delegating." None! I have unbanked myself. Again, this is not financial advice. This IS what I am doing. Combining ideas to get the most risk averse bang for my token.
BINANCE:SNXUSDLong
by tg-l
3
SNX and the Chaikin Money FlowKnowing what is in store for Synthetix Network Tokens (SNX) has kept me in for the long view. I have been fairly impressed with the Chaikin Money Flow (CMF green line on bottom of chart) attempting to maintain positive territory (staying above zero) for SNX even as ETH goes negative. Right now, it seems SNX is more closely tied to BTC money flow. Should be interesting to watch knowing that BTC is King Crypto and will eventually rise to unimaginable price value... even from here. Here's to SNX continuing to mirror. It will eventually pay handsomely.
COINBASE:SNXUSDLong
by tg-l
SNX Synthetix: HUGE Head & ShouldersHello friends, today I am completing a technical analysis on the 1D linear scale chart for Synthetix ( SNXUSD ), an altcoin cryptocurrency. #CryptoPickk notes the following: 1) Synthetix price has been falling since February 2021 when it met the all time high. 2) The price is around a crucial Fibonacci Retracement level of 0.786 at around $6.85-$7.00. 3) Along with the price dropping, it has formed a Head and Shoulders Pattern as shown in the chart. This is a bearish pattern. The biggest concern is the Head and Shoulders Pattern can be seen in multiple timeframes and the price has shown no level of reversal. 4) If the price breaks down and does not recover, there may be a sizable drop. 5) Though the charts show one thing, anything is possible as the Decentralized Finance space in cryptocurrencies is very strong. 6) Be cautious until there is a clear sign of where the price action will go. What are your opinions on this? If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
COINBASE:SNXUSD
by MillionaireEconomics
4
Synthetix (SNX): A Safer 4X in Next Couple of Months!---Kwenta Testnet Takeaways, Next-Price Orders, SIP 80 and 184, and Synthetix Bottom Line--- The following is taken directly from the Synthetix io Blog update, dated 1 December 2021 and titled, "Futures Update." These are only excerpts and you would be well served to read the entire blog update. Kwenta Testnet Takeaways: "Much progress has been made and numerous lessons learned, culminating in a Kwenta testnet competition held in October. Overall, the testnet competition was a great success. The futures market functioned as intended, and also highlighted some opportunities to enhance the usability and efficiency of the platform without adding too much additional scope. One of the takeaways was that frontrunning still poses a legitimate risk on L2 if Synthetix is going to offer low fees for perpetual futures. This prompted the introduction of SIP-184, which dynamically adjusts exchange fees in response to price instability. With SIP-184 as a backstop against volatility, base exchange fees can be safely lowered. Research done as part of SIP-184 suggests that ~20bp exchange fees could be feasible, with the dynamic fee only kicking in ~1% of the time. Note that this is just an initial target, and further improvements are likely to support even lower exchange fees." Next-Price Orders: "First and foremost, the transition to L2 has greatly improved the frontrunning situation for Synthetix. The scalability offered by Optimistic Ethereum enables Chainlink oracles to push updates much more frequently in a cost-effective way, thus allowing for spot synth exchanges with no fee reclamation and negligible frontrunning risk (with 40bp fees). The other main differentiator of Synthetix perpetual futures compared to other platforms is the role of funding payments. Traditionally, funding payments are used to align the futures market price with the spot price. Because trades on Synthetix are executed at the current oracle price, there is no need for such a mechanism. Instead, the funding rate is used to encourage balanced open interest and minimize directional risk incurred by SNX stakers. This brings us to next-price orders which, as the name suggests, are trades that execute at whatever price is reported in the next oracle update after a trade is placed. Because orders fulfilled at the next price update are inherently difficult or impossible to frontrun, they can be filled with an extremely low exchange fee and minimal or no risk of frontrunning. Note that next-price orders will exist in parallel with traditional atomic exchanges, and that atomic exchanges with a slightly higher fee will always be offered. The target user for next-price orders is predominantly arbitrage traders who will neutralize market skew to earn the funding rate (there will not be a UI for next-price orders initially). With lower exchange fees, these traders will be able to more efficiently neutralize even relatively small imbalances between long and short open interest. This will greatly reduce market risk passed onto stakers while also broadly lowering funding payments made by other traders on the platform. It is also expected that usage of next-price orders will decline over time as fees for atomic exchanges approach parity with next-price orders." SIPs: "These two additions (SIP-184 and next-price orders) are relatively minor compared to the rest of the futures scope (outlined in SIP-80), but offer extremely significant benefits to users. Thus, the tradeoff of incorporating them in exchange for a slightly later launch date is well worth the effort. Currently, SIP-80 and SIP-184 are both code complete and under audit. The additional logic for next-price orders is in progress and close to being finalized. The next steps from there are testing SIP-184 on testnet (this week) to push fees as low as possible, then getting ready for mainnet with a target launch date in mid-January. The mainnet launch will be rolled out in several stages, gradually expanding maximum open interest caps as the effectiveness of the underlying mechanisms are validated." BOTTOM LINE: "It’s been a long journey, but the light at the end of the tunnel is now clearly visible. In a little over a month, Synthetix will deliver a fully on-chain composable perpetual futures market on the highly performant Optimistic Ethereum layer 2, with top tier UX and unparalleled liquidity. While it would have been ideal to launch futures before the end of the year, more sUSD liquidity is still needed on Optimistic Ethereum and by the time mainnet launches there should be a significantly higher amount of SNX staked on L2 reducing the risk for everyone staking on L2. With the upcoming Debt Pool Synthesis, we will also have much more sUSD liquidity to leverage for futures traders." Hopefully, this isn't too much to take in. There was actually a little more in their update, but it is good that they are keeping us SNX hodlers informed. My (Garry, not Synthetix Blog) only additional thought is, at today's cheap pricing, SNX is one helluva deal for the project/platform. In my mind, I am positive we will see SNX shoot past its previous highs seen earlier this year based solely on a quality product/project. This isn't your nephew's favorite meme speculation waiting on a tweet to make you rich. When SNX retakes and surpasses its old highs, it will not fall near as easily as that next Dog coin. This a much safer 4x in my mind in the next couple of months!!! On a side note, I am increasing my SNX token count every Monday, earning additional tokens at 13.99% APY without the hassle of having to stake, validate or delegate my tokens. I just earned over 7 SNX yesterday, just like the week before and just like I will next Monday! If you want to do the same, I can give you my referral code to earn us both $50 worth of BTC if you do. TradingView does not want me advertising the exchange or my referral code here, but you can contact me if you want that info.
BINANCE:SNXUSDLong
by tg-l
2
SNX Clawing backThis is a one-hour chart. As you can see, Synthetix was taking a beating along with much of the altcoin market only to fall off a cliff a day ago. I'd refer to this as a black Friday sale on SNX! If you missed out at that price, you likely missed out forever. Now, Synthetix Network Tokens begin their long climb out of this hole on the heels of a multitude of SIPs (Phase One V2x updates delivered since August!!!): Mirfak; SIP-174 - Deprecated Synth Redemption, SIP-142 - Deprecating EtherCollateral loans, SIP-170 - Inflation Diversion for L2 Incentives Wezen; SIP-169 - Deprecate low volume synths, SIP-158 - Deprecate iSynths Sargas; SIP-135 - L2 Shorting Kaus; SIP-187 - Fix Partial Synth Updates In Debt Cache Avior; SIP-182 - Wrappr Factory Alkaid; SIP-120 - TWAP Exchange Function, SIP-189 - Add LUSD/sUSD Wrappr on L2 Governance Changes; SIP-155 - Deprecating the synthetixDAO, SIP-157 - ambassadorDAO Mandate, SIP-159 - Formalize Thales Governance, SIP-160 - Updated SIP Workflow, SIP-167 - L2 Bridged Governance, SIP-168 - Governance Participation Program, SIP-177 - Formalize Kwenta TreasuryDAO, SIP-178 - Formalize Kwenta Interim Council, SIP-179 - Kwenta Independence Here are a few quotes from Kain Warwick (Synthetix founder) taken directly from the Synthetix blog dated 25 November 2021, titled "Debt Pool Synthesis." -"...additional engineers that have joined the CC's have enabled us to maintain a delivery cadence that has been consistently high for over six months now." -"Chainlink is developing two novel oracles for the Debt Synthesis, the first oracle will read the size of the debt pool on each network and then combine these values so that both networks are in sync with respect to the combined debt pool size.|The second oracle will read the total supply of the debt shares contract described above and push the combined total supply of debt shares on both networks onto each chain." -" Though the CC's are working as hard as possible to close out each SIP and get them audited before we wind up 2021. With liquidations being enabled on L2 this week there is likely to be a push to migrate more inflation and lower the c-ratio on L2 to get some additional Synth liquidity onto the Optimism network." -"Given that the V3GM is also scheduled to be deployed for V2x governance early next year there are still a lot of changes slated for the current network. However, the V3 squad is making amazing progress on the architecture and has started development on the V3GM already so as always there are multiple simultaneous threads in play for the CC's. The last five weeks of the year are going to be incredibly busy." There was a lot to digest in his latest blog update, so it is well worth the read if you believe in the incredible potential of this platform and token, as I do. So, look at the 1-hour chart attached and mark my words here as preparation for what may come. I believe there is only upside from where we were yesterday. No, I don't predict. But I am prepared to HODL. All you can do is prepare. I bought in at $9.88 per token, but I also know if I don't sell now, I haven't locked in my losses. Good things are coming. Again, note yesterday's bottoming. Mark it on your calendar. If you bought in then or soon after, I believe you will feel like a hero by early next year. I think I will continue to add to my position (see my other posts). Good luck!
COINBASE:SNXUSDLong
by tg-l
SNX Synthetix 1D - Big Move Up ComingHello friends, today I am completing a technical analysis on the 1D linear scale chart for Synthetix (SNXUSD), a cryptocurrency altcoin. In the chart I noted: 1) Synthetix price has respected the bottom trendline since October 2020 and most recently touched the trendline and bounced off of it. It is still hovering around this area. 2) Around the end of November 2020, the price began it's parabolic move of about 600%. That move ultimately brought the price back to the bottom trendline after 234 days. Assuming from that day to 234 days into the future (Feb 2022), we could see the price once again touch the top trendline which it has not touched recently as the price has been consolidating since May 2021. 3) Assuming we begin the move upwards, that would be a 130-135% gain in Synthetix price. This wouldn't be an immediate move up as we have Support and Resistance areas to overcome. 4) Also the RSI (relative strength index) is about to potentially form a double bottom, which could drive the prices higher as shown historically. 5) If the price touches the top of the trendline and has a breakout of the long term triangle pattern, we could see a significant price upside. 6) The Volume over the past few weeks has been less, which is usually not the case. This may be a signal that a move is coming. 7) If the price breaks below the bottom trendline and stays below it for more than a few days, this idea may be invalidated. What are your opinions on this? If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
KRAKEN:SNXUSDLong
by MillionaireEconomics
3
Synthetix Exchange is now KwentaIt occurs to me as I was fielding questions from friends who follow my picks, that any outside observer who clicks on the old dot "io" domain of Synthetix may believe Synthetix as a derivatives exchange has died and withered on the vine. Nothing could be further from the truth. If you don't follow their blog, you may have missed the transitioning that is occurring and the growth of the Kwenta platform. If you type in the old Synthetix "dot" Exchange, your browser will likely take you straight to the Kwenta landing page, powered by Synthetix. It does for me, but not all browsers perform the same. That "Powered by Synthetix" phrase under Kwenta's headline, "Derivatives Trading With Zero Slippage" is your big hint. So, Synthetix is still there, still transitioning, still moving forward. And it is still an awesome project/product and looking at this chart, the time it remains on sale at bargain basement pricing may be coming to a close soon. Get you some, while you can still afford it.
COINBASE:SNXUSDLong
by tg-l
#SNX Synthetix 1D - Move comingSynthetix SNX is in a large triangle pattern but let's look at the small descending channel for now. It seems that there may be a potential breakout coming up. If SNX breaks the resistance around $13, it may get a chance to move higher. What are your thoughts? Comment below, hit the like and follow me. Thank you! Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoins
COINBASE:SNXUSDLong
by MillionaireEconomics
2