SNX waiting for fall and start of a bullish rally!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.
Who Are the Founders of Synthetix?
The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.
Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia.
Peter McKean, the project’s CEO, has over two decades of experience in software development. He previously worked as a programmer at ICL Fujitsu.
Jordan Momtazi, the COO of Synthetix, is a business strategist, market analyst and sales leader with several years of experience in blockchain, cryptocurrency, digital payments and e-commerce systems.
Justin J. Moses, the CTO, was the former director of engineering at MongoDB and deputy practice head of engineering at Lab49. He also co-founded Pouncer.
What Makes Synthetix Unique?
Synthetix is a decentralized exchange (DEX) and a platform for synthetic assets. The protocol is designed in a way that exposes users to the underlying assets via synths, without having to hold the underlying asset.
The platform allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange.
The platform tracks the underlying assets using smart contract price delivery protocols called oracles. Synthetix allows users to trade synths seamlessly, without liquidity/slippage issues. It also eliminates the need for third-party facilitators.
SNX tokens are used as collateral for the synthetic assets that are minted. This means that whenever synths are issued, SNX tokens are locked up in a smart contract.
Since launch, the protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency.
How Many Synthetix (SNX) Coins Are There in Circulation?
The maximum supply of SNX is 212,424,133 coins, of which 114,841,533 SNX is in circulation as of February 2021.
At the seed round and token sale stages, Synthetix sold more than 60 million tokens and was able to raise $30 million. Of the total 100,000,000 coins issued during the ICO, 20% was allocated to the team and advisors, 3% to bounties and marketing incentives, 5% to partnership incentives and 12% to the foundation.
How Is the Synthetix Network Secured?
The SNX token is compatible with Ethereum’s ERC20 standard. The Synthetix network is secured through proof-of-stake (PoS) consensus. Synthetix holders stake their SNX and earn returns from the network fees.
Another way for SNX stakers to earn rewards is via the protocol’s inflationary monetary policy, known as staking rewards.
Analysis Tecnical.
If we notice on the 1d chart we are retesting the EMA20, when a cross between the EMA20 and SMA50 we could confirm another bullish rally. As long as EMA20 stays above SMA50.
We can also notice 8 bullish patterns broken by a bearish candle pattern that could open an opportunity to test the EMA20 and start another bullish rally.
We also note that we are touching resistance at the 38.2% fib retracement. Which suggests that the bears are strong. Personally, I would expect a support at 23% or a test of EMA20
If we notice the RSI indicates a small loss of strength of the bears. Which could indicate a clear Bullish although to be realistic I am not positive, I would expect a retracement of the RSi to 44 or 40 to gain strength and go up trying to break the bearish channel that has been since June 26
The MACD has a free way to go looking for level 3 on its scale, but really it is not having too much strength and there is not a large volume to determine bullish
Besides that in BTC pair this sounds pretty good, to go up and touch the resistance and maybe break it!
In summary, expect testing of EMA20 and SMA50, or a cross of these, confirms a bullish candle pattern. And you can join the party. My ideal entry is 14-15 usdt. And Stop in 12.
SNXUSDT trade ideas
$SNXUSDT - Elliott wave analysisHello everyone!
It seems that Synthetix found a strong lasting support at $13, which should act as a booster of the SNX.
Synthetix according to the EW has completed the 4th wave, as usually 4th wave is 0.618 of the 3rd wave.
Although I highly recommend you to go long upon the breakout of the dynamic resistance.
Expect volatility today, remember the BTC futures settlement.
SNX following ADA's 2017 pamp : cycle behind ; final target 250%SNX following ADA's 2017 pamp : cycle behind ; final target 250%
this was me trying to figure out if i should bag this one or ren/sushi/aave...
maybe you have a bag already.
this thing did some crazy multiples already. congrats if you got this one near the bottom.
Best chance to BUY before SNX takes off! SNX had already broken out from its bear trend before the "crypto crash". IMO the crash is nothing unusual compared to what we've seen before. Corrections are important so that we can continue our pumps. RSI looks good for SNX although we might need some time for it to bring back the bulls. BUY at any level lower than the 'Buy zone' that I have marked and take your profits around where I have marked. I would take 25% - 50% profits and leave the rest to run. That way you won't miss out on any more gains if the bear run continues. If you are buying SNX for the long term, I wouldn't take any profits until Q4.
Just an idea ;)
SNX/USDT : Breakout confirmed ! BINANCE:SNXUSDT
Hello everyone 😃
SNX had a breakout from bearish trendline.
Now MACD and Volatility are slightly bullish.
Also SNX broke MA 100 on 12H TF !
In higher timeframes, we have a bullish crossover on MACD.
Everything seems fine for now...
Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
@Helical_Trades