Hi good people!
I am looking at this descending triangle or possibly a falling wedge on SNX for some time now. It has played out on the trendlines pretty precise. It is going to breakout for sure, the question is to which side? For descending triangles, textbook says - down. For a falling wedge, textbook says - up.
Maximum size of the move after breakout =...
This is a bit messy especially on the higher timeframes, but I am pretty confident SNX has reached a bottom and is breaking out
Tight stop loss is set at 3.5
A very low risk, high reward trade.
8 Hrly chart:
Synthetix Network (SNX) has been one of the most profitable investments this year. However, the token is now facing a bearish outlook.
Recap: The Synthetix project is among the largest exchanges in decentralized finance. They have partnered with ChainLink to bring information about asset prices to blockchain without the need of a central party. Synthetix allows...
Synthetix price bounces off support at $3.40 in readiness for a breakout to $5.00.
SNX/USD is drawing closer to the resistance at the 50EMA, likely to delay the bullish scenario.
Synthetix Network Token price fell in tandem with other decentralized finance (DeFi) tokens. The lending, borrowing, and liquidity ecosystem has been dealt a heavy blow amid the...
The chart shows possible buy zones. Buy by the RSI not the price. The RSI anywhere from 35-30 is the best buy zone, but it doesn't mean it's going there. SNX previous run did a 7x in close to 5 months, it has a very big roll in DEFI and IMO one of the best DEFI coins you can buy. Also highlighted are the resistance and support lines on the RSI.
Buy and...
Already above the inverse head and shoulders neckline here and it's measured move breakout target should take price action above the rimline of the cup and handle which is one of the more perfectly rounded cups I've seen in awhile. As always it's wisest to wait until the cup and handle breakout confirms here but probability looks to be favoring it slightly...
SNX is in an uptrend and has not increased strongly yet so we can expect it to happen in this turn.
The closest and quite safe target for profit taking is the 7000sts zone and if the SNX breaks out of this 7000sts, we will have a chance to sell in the 10000sts zone.
Private Idea :
WHY am I long SNX?
Killer project
Staking for liquidity rewards is highly popular
Trading available on all major ERC20 assets including some indices in the future.
Transparent Team
Here are the levels to watch...
Why do I get the feeling that this will have some crazy bullish action sometime soon?
Introducing Synths
Synths are tokens that provide exposure to assets such as gold, Bitcoin, U.S. Dollars, TESLA, and AAPL within the Ethereum blockchain.
About sUSD
sUSD (SUSD) is a cryptocurrency token and operates on the Ethereum platform. sUSD has a current supply of...
![SNXBTC: ✳️Synthetix Network Token [SNX/BTC] on August 29 #SNX $SNX #SNXB](https://s3.tradingview.com/u/uBWcGR9L_mid.png "✳️Synthetix Network Token [SNX/BTC] on August 29 #SNX $SNX #SNXB")
