SNX Price Soars 14% as Surprising New Meme Coin Approaches $2 Million

Nov 22, 2023 | Multimedia

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SNX Price Soars 14% as Surprising New Meme Coin Approaches $2 Million

In an exciting development for Synthetix Network, the price of SNX has surged by 14% following the announcement of the upcoming Perps V3 launch on Coinbase’s native scaling blockchain BASE. The partnership also extends to the Pyth network, promising off-chain oracles, adding another layer of anticipation. Perps V3 is expected to introduce innovative features, including cross margins, expanded multi-collateral trading, account-based access, and liquidation upgrades.

SNX Price Analysis: Can Perp V3 Launch on Base Trigger Major SNX Price Rally, or Is It Too Late to Buy Synthetix Network?

As of now, SNX is trading at a market price of $3.52, reflecting a 24-hour change of +2.74%. The recent surge follows a 35-day push, initiated after a bounce from the supportive lower trendline in SNX’s breakout trading channel. Climbing +105% over the past month since the bounce from $1.80 on October 16, SNX hit a local top at $3.725. Moving averages, including a golden cross signal on November 5, underline the bullish momentum.

Key Indicators and Risk-Reward Analysis:

While the RSI (Relative Strength Index) signals overbought conditions at 75.05, the MACD (Moving Average Convergence Divergence) remains bullish at 0.067. Despite the overheated RSI, the bullish trend is supported by the ascending 20DMA at $2.73. However, with the RSI indicating potential overbought conditions, a localized retracement may be on the horizon, offering a healthier structure for SNX’s long-term rally.

To the upside, market sentiment suggests SNX could target a move to $4.20, representing a potential +19.93%. Conversely, downside risk could lead to a retracement to consolidate around 20DMA support at $2.73, presenting a possible -22%. The current risk-reward ratio for Synthetix Network stands at 0.9, indicating a sub-optimal entry point. This suggests that SNX may retrace to the middle of the trading channel in the short term, potentially making it too late to buy with the current positioning.

Frequently Asked Questions (FAQ):

1. What triggered the recent surge in SNX price?

The +14% surge in SNX price followed the announcement of the upcoming Perps V3 launch on Coinbase’s BASE blockchain.

2. What innovations does Perps V3 bring to Synthetix Network?

Perps V3 introduces features such as cross margins, expanded multi-collateral trading, account-based access, and liquidation upgrades.

3. What are the current price and 24-hour change for Synthetix Network (SNX)?

SNX is currently trading at $3.52, reflecting a 24-hour change of +2.74%.

4. What key indicators suggest the bullish momentum in SNX’s price action?

The golden cross signal on November 5 and the ascending 20DMA at $2.73 highlight the bullish momentum in SNX’s current price action.

5. Why does Synthetix Network carry a risk-reward ratio of 0.9, and what does it indicate for potential buyers?

The risk-reward ratio of 0.9 suggests a sub-optimal entry point, indicating that SNX price may retrace to the middle of the trading channel in the short term, potentially making it too late to buy with the current positioning.

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