Synthetix network has made double-digit gains in the past 24 hours. The coin has managed to make an uptrend that has enabled it to create new highs. Despite the double-digit gains made in the past 24 hours, the coin has failed to reclaim its all-time high.
SNX is trading at $12.53 at the time of writing after an 18.1% gain in 24 hours.
Synthetix Network Price Analysis
SNX’s price action has been subject to volatility over the past month. The coin managed to reach a monthly high of above $14 in early September, but when the market support failed, the coin retreated to a dip.
However, the coin has shown a strong uptrend in the past 24 hours that has pushed the coin from lows of $10 to highs of $12.53. During the past 24 hours, SNX managed to test the higher resistance of $13, but it was rejected. However, buyer support could kick in again, and such highs will be achieved.
On the other hand, we could also see the coin moving towards a downtrend if the broader market lacks support. In this case, we could see the coin retesting the lower support levels of $10. This price could create an entry-level for traders who want to purchase during the dip.
Despite the regular dips across the broader market, SNX has maintained above $10; hence further dips past this point may not be reported unless the broader market fails.
Synthetix Network token was created in September 2017 and functions as a decentralized finance (DeFi) network. The DeFi platform aids in derivatives trading to allow people to gain exposure to different digital assets. Synthetix is based on the Ethereum blockchain, which makes it a popular platform. If it gains adoption, we could see increased value for SNX.
Where to Buy Synthetix
To buy SNX during the current bullish rally, you can create an account on the following platforms:
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