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Synthetix Network (SNX): The Bearish Pressure Is Mounting

Synthetix Network (SNX) has long been considered one of the heavyweights in the rapidly rising sector of decentralized finance (DeFi), alongside such names as Aave (LEND) and Curve Finance (CRV). By the way, these three are the members of the so-called Global DeFi Alliance, a blockchain consortium that was launched only a month ago under the auspices of Huobi Global, right when SNX was making its final push to the upside.

SNX is likely to see a deepening correction

At the moment, Synthetix Network has $656 million of total value locked in this platform, which puts it in the 9th place in the DeFi ranks. When it comes to the global ranks, SNX still holds at the 38th spot with the market capitalization of $455 million. The analysis of the average trading volume shows that the demand for Synthetix Network has risen dramatically over the past three months - from the average of $5 million per day in the middle of June to the current showings of $110 million worth of daily trading activity. This volume surge has already translated to humongous 820% gains against USD, 760% relative to Bitcoin, and 400% against Ethereum in the past year.

SNX/BTC/ETH comparison chart

All in all, Synthetix Network has had an immensely productive year in terms of both fundamentals and price action, but, as the chart above shows, its straight-as-an-arrow uptrend has already been disrupted after invading the $7 area and establishing the all-time high at $7.86, from which the price has already pulled back by 41%, incentivized by the recent dump that shook the entire cryptocurrency market.

1-week SNX/USDT chart

It is clear from the weekly chart how the bulls are desperately clinging to the support at $4.11, which might be the only barrier on the path to a substantially deeper correction, probably even to $3. 

The situation on the daily time frame appears to be even more bearish, despite the fact that the buyers are successfully defending the level at $4.11.

1-day SNX/USDT chart

SNX has dropped below the 50-period EMA for the first time since February and fully distorted the uptrend structure that usually implies the beginning of the bearish chapter. In doing so, Synthetix Network found itself trapped inside the descending triangle - also a bearish signal, especially since SNX had already made a lower high.

MACD didn't only fall in the bearish zone but already got rejected once at the zero line, which means that the sellers are tightening the grip on the market. Add to that the fact that the Average True Range indicator is still at the extremes near 1. Therefore, the chances are high that Synthetix Network won't be able to hold near $4.11 and will eventually touch $3, at least with a wick of a daily bearish candle.

Author: Alex Paulson for


Synthetix Network (SNX) Could Resume the Uptrend
Synthetix Network (SNX) Could Resume the Uptrend

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64% 82 $63 645.44 -1.99% 7.33% $1 199 774 552 258 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 59 $4 139.22 -1.75% 9.78% $488 553 235 728 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 64 $494.18 2.27% 7.35% $82 429 849 478 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 90% 12 $2.19 -2.26% 1.61% $72 047 004 298 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000114 0.05% -0.02% $69 621 041 076 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 71.2% 53 $208.99 12.31% 31.86% $62 869 603 263 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 76.4% 50 $1.11 -2.14% -0.86% $51 997 973 203 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60.8% 76 $45.63 4.21% 15.04% $45 063 591 577 DOT 7 days price change
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11 Terra (LUNA) LUNA Terra predictions 68% 63 $44.81 8.47% 21.75% $17 994 078 265 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74.8% 55 $26.75 -0.32% 4.19% $16 363 172 636 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 68% 64 $65.76 6.17% 19.69% $14 486 666 348 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.2% 82 $63 639.39 -2.08% 7.19% $14 070 224 774 WBTC 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 69.6% 56 $199.17 -2.89% 10.96% $13 703 410 012 LTC 7 days price change

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