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.
