SNX Price Prediction

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.

Synthetic Assets

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.

Synthetix

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.

Security

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

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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The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

 

 

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