Synthetix is a decentralized synthetic asset issuance protocol
Synthetic assets or Synths are derivatives that provide exposure to real world assets on the Ethereum blockchain. Similar to derivatives in traditional financial markets, Synths allow users to hedge and reduce their risk, speculate on price movements and gain access to unavailable assets or markets. This is all accomplished without an individual ever holding the underlying asset. SNX price is on the radar of many crypto enthusiasts.
Capture the price movements of popular cryptocurrencies, fiat currencies, stocks, commodities and more with zero slippage. Synthetic assets or Synths, are assets voted into existence by the community which represent the price of different types of assets.
The platform allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX tokens and share the transaction fees on the Synthetix Exchange. The platform tracks the underlying assets using smart contract price delivery protocols called oracles. Synthetix allows users to trade synths seamlessly, without liquidity/slippage issues. It also eliminates the need for third-party facilitators. SNX tokens are the collateral for minted synthetic assets. This means that whenever synths are issued, SNX tokens are locked up in a smart contract.
The SNX token is compatible with Ethereum’s ERC20 standard. The Synthetix network uses proof-of-stake (PoS) consensus. Synthetix holders stake their SNX and earn returns from the network fees.
Let us review SNX Price
SNX Price Prediction
SNX is currently trading just below the resistance at $13.61. If it can flip the resistance at $13.61 to support, we could start seeing a move towards $16.60, $19.61 and $23.45. If $23.45 can be flipped to support, we could start seeing a move towards $34.54 and $52.47. Failure to break $13.61 could lead to a drop towards $10.19 and $9.17.
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