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Synthetix Price Analysis – March 9th 2021

Synthetix Price Analysis - March 9th 2021

Synthetix is a protocol for issuing and trading synthetic assets on Ethereum. Each synthetic asset is an ERC20 token that tracks the price of an external asset; for example each sUSD token tracks the price of the US dollar. The platform currently supports synthetic fiat currencies, cryptocurrencies, and commodities.

Synthetic assets (Synths) are collateralized by the ERC-20 compliant Synthetix Network Token (SNX). This pooled collateral model enables users to perform conversions between Synths directly with a smart contract, avoiding the need for counterparties. This mechanism attempts to solve the liquidity and slippage issues experienced by Decentralized Exchanges (DEX’s) and the wider Decentralized Finance (DeFi) markets.

Initially known as Havven (HAV), the Synthetix project was founded by Kain Warwick and launched in September 2017 after a private seed round of US$513,000. A complimentary foundation was also launched in 2017. An ICO occurred in February 2018, raising US$30 million and selling 60 million HAV tokens.

Technical Analysis

Roadmaps for future market movements can be found on high timeframes using Exponential Moving Averages, Volume Profile Visible Range, Pivot Points, Ichimoku Cloud, and divergences. Further background information on the technical analysis discussed in the video below can be found here.

Check the full analysis and summary on YouTube


Watch full SNX Technical Analysis on YouTube


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