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The market for cryptocurrency is rapidly evolving, with new tokens being released every day. This makes it difficult to predict the future of a coin that has not yet seen significant adoption. One such token is Synthetix (SNX), which has been on the radar of many investors in recent months due to its impressive performance.
The snx price prediction 2021 is a cryptocurrency that has been around for quite some time. It has seen its ups and downs, but the future looks promising.
- The range of bullish SNX price predictions is $13.05 to $29.26.
- The price of SNX may potentially hit $30 in the near future.
- The pessimistic market price forecast for the SNX in 2021 is $4.20.
We utilize data, price trends, RSI, and other information about SNX to evaluate the cryptocurrency’s future movement in Synthetix price forecast 2021.
Synthetix (SNX) is a decentralized finance (DeFi) system that allows users to trade crypto and non-crypto assets on the blockchain. Synthetix is a blockchain-based platform that gives consumers access to extremely liquid synthetic assets (synths).
The SNX price is now trading at $12.51, with a 24-hour trading volume of $358,768,693 according to CoinGecko. Furthermore, in the past 24 hours, SNX has risen by 6.17 percent.
However, there are 114,841,533.01 SNX in circulation. SNX is currently traded on Binance, Huobi Global, OKEx, CoinTiger, and FTX, among other cryptocurrency exchanges.
Price Prediction for Synthetix (SNX) in 2021
Synthetix (SNX) is currently ranked 51st on CoinGecko. The price of SNX in 2021 is forecasted using a daily time period, as shown below.
Monthly Time Frame SNX/USDT Price Chart (Source: TradingView)
The “Higher High and Higher Low pattern” is shown in the graph above. This pattern is on the rise, and the value of tokens is rising as well. At the start of this time, SNX switched from a bearish to a bullish trend, as seen in the chart above.
If the SNX price breaks through the resistance level of $12.95 on the Monthly time frame chart, it will achieve the goal of $29.50. If the SNX price breaks through the $5.50 support level, it will fall to the next support level at $2.30. As a result, the SNX’s trend is predicated on the breakout.
Support and Resistance Levels for Synthetix (SNX)
The SNX support and resistance levels are shown in the chart below.
Support and Resistance Levels for SNX/USDT (Source: TradingView)
The resistance and support levels of SNX may be seen in the weekly time frames shown above.
- $13.05 is the first level of resistance.
- $29.26 is the second level of resistance.
- $7.60 for Level 1 Support
- Level 2 Support – $4.20
- Level 3 Support – $2.40
Over the last month, the charts indicate that SNX has been in a bullish trend. If the current trend continues, SNX may join the bulls and break over the $13.05. barrier mark.
As a result, if investors turn against cryptocurrency, the price of the SNX may fall to almost $4.20, signaling a negative signal.
Average Directional Index (SNX) Synthetix (SNX) Synthetix (SNX) Synthetix (SNX (ADX)
Let’s look at SNX’s average directional index (ADX). The Average Direction Index (ADX) is a tool that traders use to assess the strength of a trend rather than its direction. It may be used to see whether the market is shifting or if a new trend is beginning. It contains the ADX line and is linked to the Directional Movement Index (DMI).
The oscillator has a range of 0 to 100. A strong trend is indicated by a high value, whereas a weak trend is shown by a low value. It is often used in conjunction with directional indicators.
The ADX of SNX remains above the range of 28 in the chart above, indicating a strong trend.
Conclusion
The SNX is one of the cryptos that has managed to hold its ground in a negative market. As a result, we have a positive long-term SNX price forecast for 2021. It has a good chance of breaking over its current all-time high (ATH) of $28.53 this year. This will only happen if it overcomes numerous previous psychological barriers.
With continuous improvements and updates within the SNX ecosystem, the SNX ecosystem may have a bright future in 2021. If investors have anticipated that SNX is a solid investment in 2021, it may hit $29.26 shortly, and it may even achieve great heights, surpassing $30.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.
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Frequently Asked Questions
Should I buy SNX Crypto?
SNX Crypto is a scam. There are no legitimate reasons to invest in it.
What will dash be worth in 2021?
What is SNX coin used for?
SNX is used in the game to buy things like skins, packs, and other items.
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