As Bitcoin (BTC) heads in yet another nosedive (probably), there has been some activity in the altcoin markets to make up for it. This is generally reflected in the falling Bitcoin dominance of the market, with coins like NEO and VET popping off even as the leading crypto slides. Another coin that seems to be quickly gaining attention is SNX, or Synthetix. Synthetix, a rebrand from the defunct Havven, powers an exchange that some are billing as a “Decentralized BitMEX.”
We first look at a long term CryptoCompare chart, and see that SNX has gone from trading typically below $0.10 to above $1 within the year. The first major jump in price seems to have come shortly after the token listed on Bittrex, in May. SNX is still not listed on many exchanges, but it is on some prominent ones such as KuCoin, Gate.io, and Bittrex; and it also trades on the Kyber network decentralized exchange.
Turning to a 2-day SNX/BTC chart – which is just about the longest chart that we can dig up on TradingView – we can immediately see that SNX is in the throes of correcting from its powerful rise. It is holding well around 7500 satoshis, and continuing to hold here would signal a lot of strength to the market as a shallow retracement.
This chart looks like a powerful uptrend, with RSI and volume only building as price increased (although we must bear in mind that these are not very complete data). If price holds, we could see this trend continue.
Moving into the 12-hour timeframe, we can see a diligent defense within this support at the 7760 satoshi level, with wicks being stopped neatly at the 55 EMA. On the top side, the 21 EMA is containing SNX, and we are likely to see a trading range here until price breaks one way or another.
The RSI here is holding here mostly above 50, and the histogram may be starting a larger arch up. If SNX can close above the 21 soon, it will provide a sweet trading opportunity to grab onto a strong uptrend. If it closes below the 55, it will likely need a while longer to correct.
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