Synthetix Network Token Price Prediction — Will SNX Hit $15 Soon?
- Bullish SNX price prediction is $4.9 to $14.39.
- The SNX price will also reach $15 soon.
- SNX bearish market price prediction for 2022 is $2.6.
In Synthetix Network Token’s (SNX) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about SNX to analyze the future movement of the cryptocurrency.
Synthetix Network Token Current Market Status
According to CoinGecko, the price of SNX is $4.05 with a 24-hour trading volume of $43,101,210 at the time of writing. However, SNX has decreased nearly 6.1% in the last 24 hours.
Moreover, SNX has a circulating supply of 214,239,201 SNX. Currently, SNX trades in cryptocurrency exchanges such as Binance, OKX, Hotcoin Global, CoinFLEX, and Mandala Exchange.
What is Synthetix Network Token (SNX)?
Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets. Synthetix is a decentralized exchange (DEX) and a platform for synthetic assets (Synths). The protocol is designed in a way that exposes users to the underlying assets through synths, without having to hold the underlying asset.
Synthetix allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX token and are rewarded with a share of the transaction fees on the Synthetix Exchange.
Synthetix Network Token (SNX) Price Prediction 2022
Synthetix Network Token holds the 98th position on CoinGecko right now. SNX price prediction 2022 is explained below with a daily time frame.
A descending channel is the chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a falling channel or channel down.
The upper line is identified first, as running along with the highs and is called the trendline. The lower line is identified as parallel to the trendline, running across the bottom. A breakout above the upper trendline generates a strong buy signal, while a break down below the lower trendline generates a strong sell signal.
Currently, SNX is in the range of $4.05. If the pattern continues, the price of SNX might reach resistance levels of $7.399 and $10.35. If the trend reverses, then the price of SNX may fall to $3.726.
Synthetix Network Token (SNX) Support and Resistance Level
The below chart shows the support and resistance level of SNX.
From the above daily time frame, it is clear the following are the resistance and support levels of SNX.
- Resistance Level 1 – $5.25
- Resistance Level 2 – $7.44
- Resistance Level 3 – $10.28
- Resistance Level 4 – $14.39
- Support Level 1 – $3.88
- Support Level 2 – $2.67
The charts show that SNX has performed a bullish trend over the past month. If this trend continues, SNX might run along with the bulls overtaking its resistance level at $14.39.
Accordingly, if the investors turn against the crypto, the price of the SNX might plummet to almost $2.67 a bearish signal.
Synthetix Network Token Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of SNX is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of SNX lies below the cutoff line, indicating weaker participants in the current trend.
More so, the SNX’s Moving Average (MA) is shown in the chart above. Currently, SNX is in a bearish state. Notably, the SNX price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of SNX at any time.
Meanwhile, the relative strength index (RSI) of the SNX is at level 50.78. This means that SNX is in a neither overbought nor oversold state. However, this means a major price reversal of SNX may occur in the upcoming days. So, traders need to trade carefully.
Synthetix Network Token Price Prediction 2022 — ADX, RVI
Let us now look at Synthetix Network Token’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Synthetix Network Token. Currently, SNX lies in the range of 25.03, so it indicates a strong trend.
From the above chart, the Relative Volatility Index (RVI) of SNX. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of SNX lies below the 50 levels, indicating that the direction of volatility is low. In fact, SNX’s RSI is at 50.78 level thus confirming a potential high signal.
Comparison of SNX with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and Synthetix Network Token.
From the above chart, we can identify the trend of the ETH, BTC, and SNX is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and SNX also increases or decreases respectively.
Conclusion
With continuous improvements in the Synthetix Network Token network, we can say that 2022 is a good year for SNX. For this reason, the bullish price prediction of Synthetix Network Token in 2022 is $14.39. On the other hand, the bearish SNX price prediction for 2022 is $2.67.
Furthermore, with the advancements and upgrades on the SNX ecosystem, the performance of SNX would help to reach above its current all-time high (ATH) $10.28 very soon. But, it might also reach $15 if the investors believe that SNX is a good investment in 2022.
FAQ
Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets.
SNX has been listed on many crypto exchanges which include Binance, OKX, Hotcoin Global, CoinFLEX, and Mandala Exchange.
With the ongoing developments and upgrades within the SNX platform, it has a high possibility of reaching its ATH soon.
On February 14, 2021, SNX reached its new all-time high (ATH) of $28.53.
Synthetix Network Token (SNX) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of SNX in the past few months, SNX is considered a good investment in 2022.
Synthetix Network Token (SNX) is one of the active cryptos that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Synthetix Network Token (SNX) will hit $15 soon.
Synthetix Network Token (SNX) price is expected to reach $23 by 2023.
Synthetix Network Token (SNX) price is expected to reach $36 by 2024.
Synthetix Network Token (SNX) price is expected to reach $44 by 2025.
Synthetix Network Token (SNX) price is expected to reach $50 by 2026.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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