How Long Uptrend Will Last in SNX Price?
The post How Long Uptrend Will Last in SNX Price? appeared on BitcoinEthereumNews.com.
Synthetix is a protocol built on the Ethereum blockchain that allows for the creation of synthetic assets. These synthetic assets, called “Synths,” are ERC-20 smart contracts that track the performance of an underlying asset, without the need to own the actual asset. Synths can be traded on Kwenta, Synthetix’s decentralized exchange (DEX), and include cryptocurrencies, indexes, inverses, and real-world assets such as gold. How Does the Synthetix Network Work The Synthetix Network token (SNX) is used as collateral to issue Synths. Decentralized oracles, which are smart contract-based price discovery protocols, are used to track the prices of the underlying assets that Synths represent. It allows investors to trade Synths as if they were holding the actual underlying assets, providing exposure to assets that are normally inaccessible to the average investor, like gold and silver, in a quick and efficient manner. It’s important to note that Synths differ from tokenized commodities, such as Paxos’ PAX Gold (PAXG), which are backed by physical gold bars. Owning PAXG means that the investor owns the underlying gold and that Paxos holds it for them. In contrast, owning Synthetix’s sXAU only provides exposure to the price of gold, without actual ownership of the underlying asset. Technical Analysis and Prediction of the SNX Coin Price SNX/USDT chart by TradingView (Daily time frame) The SNX coin price is rising significantly and it may perform exceptionally well over the next few months. The price of SNX has shown an upward trend by forming higher highs. The bulls have successfully broken the major resistance level of $3.26. It has resulted in a bullish rally and hitting the year-to-date high, indicating the strength of the bulls. The buying volume has also increased, indicating that some genuine buyers and crypto whales might have taken long positions. Bullish Sentiment Bearish Sentiment As…
Filed under: News - @ December 15, 2023 5:22 pm