This article will analyze the SNX coin according to coinmarketcap data. First, we will discuss the SNX coin and its projects and make a technical and graphic analysis. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is SNX Coin?
SNX is the native cryptocurrency of the Synthetix protocol, a decentralized finance (DeFi) platform built on the Ethereum blockchain. Synthetix allows users to trade synthetic assets, including cryptocurrencies, commodities, and fiat currencies, without holding the underlying asset.
What are the projects of SNX?
Some of the projects associated with SNX include:
Trading platform:Synthetix provides a decentralized platform where users can trade various synthetic assets without intermediaries. The platform uses a system of collateralized debt positions (CDPs) to maintain the value of the synthetic assets.
Decentralized governance:The Synthetix protocol is governed by SNX token holders, who can propose and vote on changes to the protocol.
Staking:SNX holders can stake their tokens to earn rewards through newly minted SNX tokens and fees from the Synthetix platform.
Factors Influencing SNX Price
The price of SNX is influenced by a variety of factors, including:
Market demand: Like any other asset, the cost of SNX is influenced by supply and demand. If there is a high demand for SNX, its price will likely increase.
Adoption: The more people that use the Synthetix platform, the higher the demand for SNX tokens, which can drive the price.
Competition: Several other DeFi platforms offer similar services to Synthetix. The level of competition in the market can impact the price of SNX.
Development progress: The development progress of the Synthetix protocol can impact the confidence of investors and traders, which can, in turn, affect the price of SNX.
Regulatory environment: Changes in the regulatory environment can impact the entire cryptocurrency market, including the price of SNX.
SNX COIN TECHNICAL ANALYSIS
SNX, which started to decline after seeing its historical high of $ 28.981 in February 2021, still seems to continue this downward trend. SNX, which dropped nearly 95% from its peak in February 2023 to $1.45, is currently trading at $2.635. According to coinmarketcap data, SNX, which has a size of $669,910,294, has had a volume of $65,561,173 in the last twenty-four hours.
SNX Chart Analysis
SNX, which entered a downtrend after seeing the peak value of $ 28,981, still seems unable to break its downtrend. Trying to consolidate between the $2.51 and $3.37 resistance in recent weeks, SNX targets the $3.37 resistance and then the $7.88 resistance unless it breaks the $2.51 support down. If the $2.51 support is broken down, the selling pressure will increase, and there may be a pullback toward $1.45.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.