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SNXUSD trade ideas

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
Synthetix Up 12.47% from PreliminarySNX has netted me 12.47% gains in 24 hrs. This was from a 13.40 preliminary entry I took on 9/15. We are expecting more to come! Prognosis: I'm looking for the .618 Fibonacci as a potential target, until then I expect retests of the .272 key support level. *Professional Wyckoffian VSA crypto swing trader (since 2017). I regularly seek out the most lucrative swings on all the major exchanges. All my charts are clean, straightforward, and easy to follow. No junk, no needless indicators, just solid volume spread analysis ( VSA ) and 'take-the-money-and-run' Fibonacci target zones. I go after the runners and big money. My win rates are between 80-85%. Follow me on TradingView and see for yourself. I review over 300 coins & tokens daily and handpick all the runners myself (no bot signals). ** Not financial advice. Trade at your own risk.
COINBASE:SNXUSDLong
by jalapablo
3
SNX/DEFI : Banana of BloomWhat is this chart? Essentially, it shows the performance of SNX vs an index of 25 Defi coins, such as LINK, SOL, CRV, etc. We're looking at a few things: First off, it's clear that SNX has massively underperformed the DEFIPERP index as a whole. With some rare, short-lived exceptions, it's been in a downtrend since Jan 2021. Second, notice the rounded bottom. This, alone, is an indication of a potential reversal. Yellow channel (🍌) points to increasing volatility, which would make sense given SNX' history and the extended accumulation spanning over half a year. Keep in mind this doesn't chart the price per se, but more of a strength/weakness compared to other Defi coins. What does this mean in practice? Should Defi coins go up, SNX should see more gains compared to others. Should Defi coins go down, SNX should see smaller losses. That is all, no buy or sell signals. Don't ape in. Simply a bullish bias over the upcoming months. PS: This is not financial advice.
FTX:SNXPERPLong
by SenhorCoconut
SNX/DEFI: Slumber's EndSNX is stuck in a massive 6-month long falling wedge against the DEFIPERP index and it looks like it's gearing for a breakout. I marked some areas of interest where I will be looking to rotate out of SNX in between cycles. It's hard to estimate when such targets could be reached however. Certain catalysts, like the futures launch, could send it flying in a short burst. I actually expect that SNX will continue with this pattern of spike and slow bleed over extended periods of time. It's soul-crushing, a MM recipe's for making millions repeatedly. PS: This is not financial advice.
FTX:SNXPERPLong
by SenhorCoconut
Synthetix #SNX 1D - Move is comingSNXUSD 1D Chart. Possible run up to the top of the trend line? RSI and Stoch RSI seem to be ready for the move. I also presented the resistance and support area circled. Keep an eye on this. What are your thoughts? Comment below and hit the like please. 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
SNX: Another week, another upgrade!Synthetix Network and Kwenta are still blasting away at upgrades, or as they call them, "SIP's" which is an acronym for Synthetix Improvement Proposal. They also give weird "star" names to their SIP releases (in order of visual magnitude) which is all good, I suppose. What matters is they are in storm mode when it comes to improving and implementing. I love it. Where this may cause some occasional turmoil in usage and possibly hinder immediate price action, I see it as further reason to hold for the long term as I continue to grow my SNX coin/token count weekly at 13.99% APY by simply holding SNX in a Celsius Network account (If you decide to join me in earning high interest there, you can earn $50 in BTC by using my referral code 189218504d). Of course, we will reap the rewards in price action eventually, but on our own timeline. I am conservatively predicting a 300 percent gain over the next 6 to 9 months. And my 13.99% yield will compound in a doubling fashion every 5 years even without any price action increases. Yes, I did the math! Patience pays well! Anyway, later today the Avior (the "star" name for SIP-182) release will implement a new upgrade on L2 only. During this release there will be no downtime on L1, but up to 3 hours of downtime L2. Here's what’s included in this release: SIP-182- Wrappr factory: This SIP creates a new WrapperFactory contract that can deploy new Wrapper contracts to support any ERC20 token. The new Wrapper contract behaves like its predecessor (the ETH Wrappr from SIP-112) and will initially include a WETH wrapper, though more Wrapprs will likely be added in the future. In layman's term, creating "wrapprs" has to do with creating synths or derivatives...potentially on anything tradable in the entire world, like Cryptos, FOREX, Stocks, Commodities, etc. Well, you get the idea; everything. This is the strength and foundational idea of the Synthetix Network (and Kwenta). If you want more info on what I am doing to generate that 13.99% in additional SNX tokens, feel free to ask in a comment.
BINANCE:SNXUSDLong
by tg-l
Kwenta Futures Trading Competition via Synthetix/$50,000+ prizesI posted about this back on the 19th, with little fanfare. So, in an attempt to give it the attention it deserves, here are direct quotes from their blog: "This competition will act as a demonstration of how perpetual futures trading on Kwenta will feel as we continue to refine the experience and prepare for the main net launch." "Futures ...are unique in that they are built entirely using decentralized technology with the Synthetix protocol. Traders will benefit from the deepest liquidity...zero downtime during points of volatility...permissionless product...and, eventually, futures for a wide variety of assets outside of the cryptocurrency ecosystem." "Be eligible to win part of a 50,000 sUSD prize pool and rare NFTs in prizes." "Prizes: 1st place: 15,000 sUSD + Rare NFT 2nd place: 7,000 sUSD + Rare NFT 3rd place: 3500 sUSD + Rare NFT 4th-20th place: 500 sUSD 21st-100th place: 200 sUSD NFT winners will be able to use their NFT to gain access to private groups and hidden features. All competition participants will also be able to acquire a POAP. The prizes listed above are guaranteed; however, there may be additional prizes…" "The competition will run for 1 week." "To trade synthetic assets and soon futures, visit Kwenta." Anyway, there is more info on their blog including how to get started. I hope you have fun and I wish you luck!--Garry
COINBASE:SNXUSDLong
by tg-l
SNX Updates: Two Items todayNote the following quotations are their words, not mine. I am just passing this on to my fellow SNX hodlers to keep you abreast of either delays or progress (I see it as both). 1. "Today (October 19, ~21:00 UTC) the Kaus release will begin, implementing a minor upgrade on both L1 and L2. During this release there will be no downtime on L1 or L2. Here's what’s included in this release: SIP-187 - Fix Partial Synth Updates In Debt Cache: Fixes an issue with partial updates of synths in the debt cache which is causing the cached debt value to not update after minting and burning sUSD. This release is called Kaus , which like all releases is named after a star (in order of visual magnitude)." 2. Also, the Synthetix folks "have been busy building the future of the Synthetix protocol and have launched our decentralized perpetual futures on testnet. All futures will be traded through Kwenta and to celebrate, we've launched a free trading competition for our community with up to $50,000 in prizes. The signup process is easy (you just need a wallet address and a twitter account) You can visit the Registration Page or for more detailed instructions, visit the Kwenta Blog. As a contestant, you will have the first public look at our new perpetual futures trading platform, powered by Synthetix. As the first truly decentralized and composable derivatives protocol, our perpetual futures are optimized by simulated liquidity, which helps ensure you get the best fill across any asset." So, they have a few irons in the fire, which may actually be retarding price action for the time being, but in my humble opinion, an improved protocol will be a more valuable protocol. - TG-L
BINANCE:SNXUSDLong
by tg-l