- Bullish SNX price prediction for 2023 is $3.195 to $4.397.
- Synthetix Network (SNX) price might reach $5 soon.
- Bearish SNX price prediction for 2023 is $1.410.
In this Synthetix Network (SNX) price prediction 2023, we will analyze the price patterns of SNX by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
Synthetix Network (SNX) Current Market Status
| Current Price | $2.49 |
| 24 – Hour Trading Volume | $18,519,403/td> |
| 24 – Hour Price Change | 0.30% up |
| Circulating Supply | 258,974,006 |
| All – Time High | $28.77 (On Feb 14, 2021) |
What is Synthetix Network (SNX)?
Synthetix Network (SNX) is an ERC-20 token native to the Synthetix network. Synthetix is a DeFi protocol for the creation and trading of synthetic assets, and synths. The protocol was launched amid the 2018 bear markets. Synthetix operates on a proof-of-stake (PoS) consensus model that supports the operations of crypto-backed synthetic assets.
Synths mirror the price movements of real crypto assets and serve as their derivatives. For instance, synthetic Bitcoin (sBTC) and synthetic Ethereum (sETH) serve as the derivatives of real Bitcoin and Ethereum. Investors can use these synths as bets on the price of the respective cryptos without actually holding the actual assets.
Synths also represent and mimic real-world assets such as fiat currencies, stocks, bonds, and commodities. Synthetic USD (sUSD) can be deployed to track the prices of US dollar (USD). Synthetic also hosts a peer-to-peer decentralized exchange (DEX) specially devoted to the trading of synthetic assets.
Users will have to stake Synthetic Network (SNX) tokens to use the services provided by this protocol. SNX tokens can also be locked in and used as collaterals to create synths. SNX tokens also facilitate the exchange or swapping of various synthetic assets.
Synthetix Network (SNX) Price Prediction 2023
Synthetix Network (SNX) ranks 69th on CoinMarketCap in terms of its market capitalization. The overview of the Synthetix Network price prediction for 2023 is explained below with a daily time frame.
The above chart of SNX laid out an ascending broadening wedge pattern. An ascending broadening wedge is a bearish chart pattern. It is formed by two diverging bullish lines. An ascending broadening formation forms an inverted triangle shape in the price chart. In ascending broadening wedge structure, the price makes a low and rises. The price must touch both the upper and the lower trend lines three times in an uptrend movement, with the resistance line rising more steeply than the bottom line, to confirm the pattern.
While the pattern is forming, volume rises significantly when the price line breaks the support line.It is a bearish reversal pattern that forms in the uptrend. In an ascending wedge pattern, the price fluctuates between the upper resistance line and the lower support line.
At the time of analysis, the price of Synthetix Network (SNX) was recorded at $2.48. If the pattern trend continues, then the price of SNX might reach the resistance levels of $3.095 and $4.173. If the trend reverses, then the price of SNX may fall to the support of $2.290.
Synthetix Network (SNX) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Synthetix Network (SNX) in 2023.
From the above chart, we can analyze and identify the following as the resistance and support levels of Synthetix Network (SNX) for 2023.
| Resistance Level 1 | $3.195 |
| Resistance Level 2 | $4.397 |
| Support Level 1 | $2.183 |
| Support Level 2 | $1.410 |
As per the above analysis, if Synthetix Network’s (SNX) bulls take the lead, then it might hit and break through its resistance level of $4.397.
Conversely, if Synthetix Network’s (SNX) bears dominate the trend, the price of SNX might plunge to $1.410.
Synthetix Network (SNX) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Synthetix Network (SNX) are shown in the chart below.
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Synthetix Network (SNX) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the SNX price lies below 50 MA (short-term), indicating its downward. Hence, SNX is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of SNX is at 48.45. Therefore, this indicates SNX is neither an overbought nor oversold state.
Synthetix Network (SNX) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Synthetix Network (SNX) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of SNX lies in the range of 4.263 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of SNX lies above 50, indicating high volatility.
Comparison of SNX with BTC, ETH
Let us now compare the price movements of Synthetix Network (SNX) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that the price action of SNX is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of SNX also increases or decreases respectively.
Synthetix Network (SNX) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Synthetix Network (SNX) between 2024 and 2030.
Synthetix Network (SNX) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Synthetix Network (SNX) might successfully test and surpass its resistance levels to hit $6 by 2024.
Synthetix Network (SNX) Price Prediction 2025
The significant upgrades in the Synthetix Network ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Synthetix Network (SNX) price to reach $7 by 2025.
Synthetix Network (SNX) Price Prediction 2026
If Synthetix Network (SNX) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $8
Synthetix Network (SNX) Price Prediction 2027
If Synthetix Network (SNX) sustains major resistance levels and stands as a better investment option in the market, then SNX would rally to hit $10
Synthetix Network (SNX) Price Prediction 2028
If Synthetix Network (SNX) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then SNX would hit $12 by 2028.
Synthetix Network (SNX) Price Prediction 2029
If investors flock in and continue to place their bets on Synthetix Network (SNX), then the crypto would witness major spikes. Hence, SNX might hit $14 by 2029.
Synthetix Network (SNX) Price Prediction 2030
By 2030, the SNX price might rally to $16 if the trend momentum aligns in favor of Synthetix Network. Furthermore, SNX would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Synthetix Network (SNX) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Synthetix Network (SNX) price prediction for 2023 is $4.397. Comparatively, the bearish Synthetix Network (SNX) price prediction for 2023 is $1.410.
If there is a positive elevation in the market momentum and investors’ sentiment, then Synthetix Network (SNX) might hit $5. Furthermore, with future upgrades and advancements in the Synthetix Network ecosystem, SNX might surpass its current all-time high (ATH) of $28.77 and mark its new ATH.
FAQ
1. What is Synthetix Network (SNX)?
Synthetix Network (SNX) is an ERC-20 token native to the Synthetix network. Synthetix is a DeFi protocol for the creation and trading of synthetic assets, synths.
2. Where can you buy Synthetix Network (SNX)?
Traders can trade Synthetix Network (SNX) on the following cryptocurrency exchanges such as Binance, OKX, CoinW, Bitrue, and Bybit.
3. Will Synthetix Network (SNX) record a new ATH soon?
With the ongoing developments and upgrades within the Synthetix Network platform, Synthetix Network (SNX) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Synthetix Network (SNX)?
Synthetix Network (SNX) hit its current all-time high (ATH) of $28.77 on Feb 14, 2021.
5. What is the lowest price of Synthetix Network (SNX)?
According to CoinMarketCap, SNX hit its all-time low (ATL) of $0.03258 On Jan 05, 2019.
6. Will Synthetix Network (SNX) hit $5?
If Synthetix Network (SNX) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $5 soon.
7. What will be the Synthetix Network (SNX) price by 2024?
Synthetix Network (SNX) price might reach $6 by 2024.
8. What will be the Synthetix Network (SNX) price by 2025?
Synthetix Network (SNX) price might reach $7 by 2025.
9. What will be the Synthetix Network (SNX) price by 2026?
Synthetix Network (SNX) price might reach $8 by 2026.
10. What will be the Synthetix Network (SNX) price by 2027?
Synthetix Network (SNX) price might reach $10 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
