Synthetix (SNX) forms bullish ascending triangle (TA)

By raven | Investment | 23 Nov 2019

The Synthetix Network Token (SNX) has been killing it this year: it is already 10% up in the last 24h after a slight decline during the bloody Friday, reaching staggering 40% gains in the week. Now SNX has been having difficulty to break through the level of $1.20, forming an ascending triangle:

Ascending triangle in the weekly SNX/USD chart (since SNX is not being traded in big centralized exchanges yet, we don't have a decent feed in TradingView)

This is a bullish pattern, representing a continuation of a bullish trend, as long as there is a previous trend in place. And in this case, the trend is pretty clear:


Rising trend in the SNX/USD monthly chart

Moreover, since SNX is a Ethereum token and mostly traded via Uniswap, probably from ETH or some ERC20 token, it seems to be a good trade-off at the moment to hold SNX instead of ETH, as the price of SNX against ETH has been increasing dramatically, especially after the recent dump in ETH price:


SNX/ETH monthly chart (red line)

Notice also the rise in volume in the last weeks.

As always, this is not financial advice, please do your own research.

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I've heard of bitcoin a long time ago, but only recently I became interested in investment in general, which brought me to the world of cryptocurrencies. I am also interested in learning to develop blockchain applications.


In this blog I will talk mainly about cryptocurrencies and other forms of investment. The intention is to share and discuss ideas, so do not take any of this as investment advice.

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