Synthetix is a decentralized finance (DeFi) <a href="https://www.cryptoknowmics.com/news/synthetix-price-prediction-2021-2025-is-snx-set-to-reach-90-by-2021/">protocol</a> 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). The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later, the company rebranded to Synthetix. It is also 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.

Let us look at the technical analysis of SNX.
<h2><b>Past Performance</b></h2>
SNX <a href="https://www.cryptoknowmics.com/news/snx-technical-analysis-wait-to-break-resistance-price-may-continue-to-trade-between-levels-of-12-74-and-14-42/">opened</a> for trading on October 26, 2021, at $9.86. An uptrend began in the prices during the last week. It closed on November 1. 2021, at $10.32. There was a change of 4.66% over the week.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/j/JT8VFWOi.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/JT8VFWOi/">https://www.tradingview.com/x/JT8VFWOi/</a>
<h2><b>SNX Technical Analysis</b></h2>
The trend line can be seen to have a slope of around 45o. The bulls are gaining strength and the price is likely to increase further. This claim is supported further as the current trading price is $10.36, which is 4.7% above the previous day’s close. Let us see what the indicators have to show us.

The <strong>OBV</strong> is showing an increase in buying pressure for the last few days. It is moving upwards just like the price chart. This is a positive signal and the traders may take a long position.

On October 28, 2021, SNX announced that the SNX stakeholders can earn a portion of the 20 million SNX rewards. This news may have started the uptrend.

The <strong>Relative Strength Index(RSI)</strong> is also ascending slowly, showing increasing strength of the price. It is currently at 53.39%.

On Twitter, a lot of optimism was seen in the earlier part of the week for the increase in price. This can again be a reason for the bullish sentiment of the market.

The Fast line and the Slow line both are positive in the <strong>MACD graph</strong>. The distance between these lines remained constant for a few days. This again shows strength in the price of SNX in the coming days.
<h2><b>Day-Ahead and Tomorrow</b></h2>
Thus, the indicators are showing bullish signals and the traders are advised to take a long position. They can keep the target at $12.1. However, a trend reversal cannot be considered inevitable, and hence stoploss can be placed at $8.633.

According to Fib numbers, the price is currently being tested at the pivot point of $10.21.

SNX Technical Analysis: Bulls Gaining Strength and Price Likely to Increase Further

In the technical analysis of SNX, The trend line can be seen to have a slope of around 45o. The bulls are gaining strength and the price is likely to increase further.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

SNX Technical Analysis: Bulls Gaining Strength and Price Likely to Increase Further

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