Synthetix Price Prediction 2021 – Will SNX Hit $28 Soon?

Synthetix Price Prediction 2021 – Will SNX Hit $28 Soon?
  • Bullish SNX price prediction ranges from $10.6 to $20.95.
  • SNX price might also reach $28 soon.
  • SNX bearish market price prediction for 2021 is $2.20.

In Synthetix price prediction 2021, we use statistics, price patterns, ADX, and much other information about SNX to analyze the future movement of the cryptocurrency.

Synthetix (SNX) is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto belongings. Synthetix is based on Ethereum (ETH)  blockchain and enables users access to highly liquid synthetic assets (synths). 

According to CoinGecko, the SNX price is trading at $10.72 with a 24-hour trading volume of $112,834,152 at the time of writing. Moreover, SNX has increased by 5.9% in the last 24 hours.

However, SNX has a circulating supply of 174,662,587 SNX. Currently, SNX trades in cryptocurrency exchanges such as Binance, Huobi Global, OKEx, CoinTiger, and FTX.

Synthetix (SNX) Price Prediction 2021

Synthetix (SNX) holds the 69th position on CoinGecko right now. SNX price prediction 2021 is explained below with a daily time frame.

SNX/USDT Price Chart Daily Time Frame (Source: TradingView)

The price action contained between two parallel upward sloping lines defined as an ascending channel. Higher highs and lower lows distinguish this price pattern. An ascending channel formed by connecting the swing lows with a lower trend line and the swing highs with an upper channel line.

A breakout above an ascending channel may indicate that the upward trend will continue, whereas a breakdown below an ascending channel may indicate that the trend will change.

In the daily time frame chart, if the trend continues, it will reach the target of $15.71. Else, if the price of the SNX breakout the support level of $9.5 means it will fall to the next support level at $6.73. So, the trend of the SNX is based on the breakout.

Synthetix (SNX) Support and Resistance Level

The below chart shows the support and resistance level of SNX.

SNX/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of SNX.

  • Resistance Level 1 – $10.6
  • Resistance Level 2- $15.75
  • Resistance Level 3- $20.95
  • Resistance Level 4- $28.19
  • Support Level 1- $5.38
  • Support Level 2 – $2.20

The charts show that SNX has performed a bullish trend over the past month. If this trend continues, SNX might run along with the bulls overtaking its resistance level at $28.19.

Accordingly, if the investors turn against the crypto, the price of the SNX might plummet to almost $2.20, a bearish signal.

Synthetix (SNX) Average Directional Index (ADX)

Now let’s see the average directional index (ADX) of SNX. Generally, the Average Direction Index (ADX) helps traders determine the strength of a trend, rather than its actual direction. It can be used to determine whether the market is changing or a new trend is starting. It is associated with the Directional Movement Index (DMI) and includes the ADX line.

The range of the oscillator is from 0 to 100. A high value indicates a strong trend, and a low value indicates a weak trend. It is often combined with directional indicators.

SNX/USDT ADX(Source: TradingView)

The above chart shows the ADX of SNX stays above the range of 17.619, so it indicates a weak trend.

Conclusion

The SNX is one of the cryptos that keeps its ground against the bearish market. Hence more, our long-term SNX price prediction for 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $28.53 this year. More so, this will only happen if it breaks many past psychological resistances.

Henceforth, with the ongoing developments and upgrades within the SNX ecosystem, it could experience a great future ahead in 2021. It may reach $20.95 soon and it might even reach high heights, however reaching $28, if investors have planned that SNX is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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