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Despite a breakout from a long-term ascending support line, Synthetix (SNX) is showing bearish signs in shorter time frames. The post Synthetix (SNX) Breaks Down Below $3 appeared first on BeInCrypto.
August is proving to be a relatively strong money for the market, with several investors confident that it could kick start a recovery for cryptocurrencies.
Blockchain-based assets like cryptocurrencies have paved the way for seismic shifts in the investment and financial services sector globally. As per Deloitte's 2021 Global Blockchain Survey, around 76% of the respondents claimed that digital assets like cryptocurrencies are likely to either replace or evolve as an alternative for fiat currencies globally over the next 5-10 years.
Despite negative market conditions, the price of SNX—the native token of Synthetix—has been in a constant uptrend since mid-June. The post What's behind Synthetix (SNX) unusually strong summer?
On Monday (August 8), a very popular crypto analyst and influencer gave his reasons for recently buying “a bag” of $SNX, the native collateral asset of derivative liquidity protocol Synthetix. Here is how Binance Academy describes Synthetix: “Synthetix is a synthetic asset protocol that allows for the issuance of synthetic assets on Ethereum.
A fork will lead to chaos in defi, but only in the minority EthereumPoW chain where the jungle will reign.
The broader crypto market is performing much better than it was in the last few months. Yet, a closely followed crypto strategist and analyst have a bearish approach towards the whole crypto market.
THORChain [RUNE], Lido Finance [LDO], and Synthetix [SNX] were the top performers on 3 August as the DeFi ecosystem steered the crypto market back to greens. While others also recovered, the revival of these DeFi tokens was superior.
Bitcoin price started a fresh increase above the USD 23,200 resistance zone and is currently (11:20 UTC) trading near USD 23,400. BTC is up 2% in a day and 10% in a week.
Amid mixed market moves, DeFi tokens Lido and Synthetix have both posted hefty gains over the past 24 hours.
The recovering market has been benevolent for many altcoins such as Synthetix, more so than others. In fact, in addition to this, their use cases have grown as well.
Crypto Space is undergoing a roller coaster ride as most of the assets are currently hovering within an upper consolidation. The asset which maintained a notable upswing a couple of days before now appears to have exhausted to some extent. On the other hand, the popular DeFi token Yearn.
The crypto market continued its rise today as well, bringing the total value of all cryptocurrencies climbed back to $1.04 trillion.
Uniswap (UNI/USD), THORChain (RUNE/USD), Synthetix Network (SNX/USD), and PancakeSwap (CAKE/USD) are some of the best DEX tokens to get at the end of July. On July 21, 2022, Uniswap welcomed their new VP of Product, Will Ruben, which showcases that their team is expanding rapidly.
The Synthetix SNX coin failed to maintain its upward rally, losing some traction and declining around the $2.85 level.
Gnox (GNOX) Gnox is the first protocol to offer yield farming as a service and will be launching on the BSC (Binance Smart Chain) in Q3 this year. Following a hugely successful second presale phase, which completely sold out, Gnox has begun its final presale stage.
There's still excitement about the crypto market today.
Synthetix (SNX/USD) has traded higher over the past 24 hours, with gains of over 16% seen in the price of the SNX token. Currently, the SNX/USD pair is changing hands around $3.26 (£2.71), up more than 23% on the weekly timeframe and positive for the month with nearly 5%.
The ever-evolving and high liquidity crypto market is home to a wide range of competent and promising projects.
The biggest Ethereum (ETH) whales in the world are eyeing up several altcoins within the decentralized finance (DeFi) sector as crypto markets turn green.
Lido DAO led the altcoins in keeping the losses under control, keeping the value of all cryptocurrencies from falling down.
The Merge could lower costs and make these tokens more valuable.
The total value of all cryptocurrencies improved in the last 23 hours, with the market cap rising to $864 billion at the time of writing.
Synthetix (SNX) Price Prediction – July 14There have been indications that the Synthetix market price may continue to trend higher against the valuation of the [...]
