In this Synthetix Network technical analysis, we will examine the current price action, trading volume, key levels and indicators for SNX-BTC. Synthetix Network (SNX) is a decentralized platform that enables the creation of customizable and tradable synthetic assets. These synthetic assets are backed by real-world assets, such as stocks, commodities, or currencies, and can be programmed to have specific behaviors and characteristics. By leveraging blockchain technology, SNX provides a secure and transparent way for users to create and trade these synthetic assets, opening up new investment opportunities for individuals and institutions alike.
Synthetix Network Price Overview:
As of October 02, 2023, Synthetix Network is trading at approximately 7e-05 BTC. Let’s dive into the detailed price action for SNX-BTC:
| Metric | Value |
|---|---|
| Open (O) | 8e-05 |
| High (H) | 8e-05 |
| Low (L) | 7e-05 |
| Close (C) | 7e-05 |
| Volume (C) | 25,261.60 |
- Open (O): The opening price for today’s trading session was approximately 8e-05 BTC.
- High (H): Synthetix Network reached a daily high of around 8e-05 BTC.
- Low (L): The daily low for SNX-BTC was approximately 7e-05 BTC.
- Close (C): At the time of analysis, Synthetix Network is trading near its daily close of 7e-05 BTC.
| Metric | Value |
|---|---|
| 1D Change (%) | -4.38% |
| 3D Change (%) | -3.13% |
| 7D Change (%) | -1.46% |
| 30D Change (%) | -2.37% |
| 90D Change (%) | 4.94% |
| YTD Change (%) | -14.60% |
Over the past three days, SNXBTC has decreased by approximately -3.13%, showcasing increased market volatility. Throughout the last week, it continued to drop, with a loss of around -1.46%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with SNXBTC maintaining a downward trend of approximately -2.37%, despite intermittent fluctuations. Examining the last 90 days, SNXBTC has witnessed substantial increase of approximately 4.94%, reflecting strong long-term confidence. Year-to-date, SNXBTC has steadily decreased by around -14.60%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Synthetix Network Live Chart:
You can access a live price chart for SNX-BTC on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.4664.
- Momentum score is -0.02365.
SNX BTC Technical Analysis
Synthetix Network Trading Volume:
The trading volume for Synthetix Network (SNX) over the past 24 hours has been insignificant, with approximately 25,261.60 BTC traded against SNX. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): SNX is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Synthetix Network is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for SNX-BTC is currently in the low zone, around 44.06551. This suggests that Synthetix Network is in bearish territory.
Analysis from TradingView:
Our Key Takeaways:
Synthetix Network (SNX-BTC) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the BTC monthly resistance level and the BTC support level for potential trading opportunities. Additionally, the low RSI and insignificant trading volume are low signals for potential downward movement.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.
