In this Synthetix Network technical analysis, we will examine the current price action, trading volume, key levels and indicators for SNX-USDT. Synthetix Network (SNX) is a decentralized platform that enables the creation of synthetic assets, which are backed by real-world assets such as stocks, bonds, and commodities. These synthetic assets can be traded on the platform without the need for actual ownership of the underlying asset, providing a more efficient and cost-effective way to trade these types of assets. SNX also offers a unique governance structure that allows holders of the cryptocurrency to vote on proposals for the development and growth of the platform.
Synthetix Network Price Overview:
As of September 22, 2023, Synthetix Network is trading at approximately 2.108 USDT. Let’s dive into the detailed price action for SNX-USDT:
| Metric | Value |
|---|---|
| Open (O) | 2.054 |
| High (H) | 2.128 |
| Low (L) | 2.034 |
| Close (C) | 2.108 |
| Volume (C) | 838,997.70 |
- Open (O): The opening price for today’s trading session was approximately 2.054 USDT.
- High (H): Synthetix Network reached a daily high of around 2.128 USDT.
- Low (L): The daily low for SNX-USDT was approximately 2.034 USDT.
- Close (C): At the time of analysis, Synthetix Network is trading near its daily close of 2.108 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | 2.58% |
| 3D Change (%) | -2.18% |
| 7D Change (%) | -3.70% |
| 30D Change (%) | -1.31% |
| 90D Change (%) | 9.39% |
| YTD Change (%) | 46.59% |
Over the past three days, SNXUSDT has dropped by approximately -2.18%, showcasing increased market volatility. Throughout the last week, it continued to decline, with a loss of around -3.70%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with SNXUSDT maintaining a downward trend of approximately -1.31%, despite intermittent fluctuations. Examining the last 90 days, SNXUSDT has witnessed substantial increase of approximately 9.39%, reflecting strong long-term confidence. Year-to-date, SNXUSDT has steadily appreciated by around 46.59%, 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-USDT 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 0.45442.
- Momentum score is -0.01311.
SNX USDT Technical Analysis
Synthetix Network Trading Volume:
The trading volume for Synthetix Network (SNX) over the past 24 hours has been insignificant, with approximately 838,997.70 USDT 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-USDT is currently in the neutral zone, around 46.60763. This suggests that Synthetix Network is in range-bound territory.
Analysis from TradingView:
Our Key Takeaways:
Synthetix Network (SNX-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the neutral RSI and insignificant trading volume are neutral signals for potential sideways 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.
