Synthetix (SNX) forms bullish ascending triangle (TA)
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:

351665157-bdd4b42f924b0d66ce54038bdda8d05ad8b12734038b551474330baf9ae7d005.png
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:

351665157-706f6cd621efe8015ed1c5cd88fe30f6bd9b1e2b7cba0faca9bcc0d335500885.png

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:

351665157-90886fc154cb241106e158e21c54fa53bbde4faaabb35f2e50801b2dd7149e52.png

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.


raven
raven

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.


Investment
Investment

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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