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As a revolutionary product in the market, Synthetix offers synthetic assets (currencies) linked to the value of real assets. As a result, the Synthetix website will continue to provide value to investors who own SNX directly for years to come.
Is SNX worthy in 2023 for crypto investors? Should you buy it? These are our latest SNX price predictions for the coming few weeks.
A Technical Analysis of the Indicators for Synthetix Price Prediction
As of January 20, 2023, 19 technical analysis indicators show bullish signals, and 11 show bearish signals for Synthetix price predictions. Since the beginning of the month, Synthetix has experienced 19/30 (63%) green days, and the price volatility over the last 30 days is 15.16%.
Synthetix currently trades at $2.36, ranking #66 in the crypto ecosystem based on the latest data. Synthetix has a market cap of $601,158,747 with an active supply of 249,969,309. As the trading volume and market cap increased, the Synthetix price grew 13.59% in the past 24 hours.
From there, we predict its value will drop by -6.30% by January 25, 2023, reaching $ 2.26. Currently, the Fear and Greed Index is 51 (Neutral), while the Sentiment Index is neutral.
As for the rest of this month, expect Synthetix to average at $2.32, but it may trade between $2.09 and $2.39. By February 2023, we expect the price of Synthetix to be $2.28 at its lowest. Prices for Synthetix can reach $2.48 at its peak, with an average of $2.39 in the same month.
Our technical indicators predict Synthetix’s 200-day SMA will drop and reach $2.38 by February 19, 2023. The short-term 50-Day SMA of Synthetix is estimated to top $2.36 around the same time.
Synthetix Price: What Are the Factors Affecting it?
Investors may find price predictions helpful, but it is always more important to understand what factors affect a cryptocurrency’s price in the future. You can reduce your exposure to risk by understanding the factors that affect Synthetix’s price and take profits when they peak.
DeFis and DEXes are Popular
The decentralized finance (DeFi) market has snowballed in the last few years. With DeFi came DEXes as well. Since DEXs are considered cheaper than traditional centralized exchanges, they are becoming increasingly popular.
DEX interest could drive SNX demand higher if DEXes continue to grow. Traders, however, must also exercise caution. DeFi and DEXes may be subject to tighter regulations in the next few years.
Demand vs. Supply
The value of Synthetix depends heavily on supply and demand. In times of high demand, Synthetix’s price will rise. The price of Synthetix decreases when the supply exceeds the demand.
Staking Your SNX is the Effective Way to Earn More tokens Passively
Considering today’s price increase to $2.09, the Synthetix price analysis is bearish. As of this writing, the bears have successfully created a thin downward trend line for the price function. Because of the strong downtrend line, the price reached $2.30 earlier today, but bulls quickly rallied, and it is now trading at $2.04.
Because the market’s volatility is currently declining, Synthetix’s price will undoubtedly fluctuate between two extremes. The Bollinger Band’s upper limit of $2.278 is the biggest barrier to Synthetix’s cost. SNX’s strongest support comes from Bollinger’s band’s lower bound, $1.268.
The Synthetix platform allows SNX stakes. And staking your SNX could be a very effective way to passively earn more tokens from Synthetix, leading to increased profits.
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