Synthetix is a decentralized finance (DeFi) protocol, the network of which was launched at the end of 2017.
However, the SNX token real price was able to shoot in 2020, when the hype around DEX exchanges and DeFi projects rose on the crypto market.
Now the SNXUSDT price is approaching the critical level of $12.60 from where a downward correction may begin.
An important task for buyers is to keep the price above the zone of $7-7.60. In this case, there will be all conditions for continued growth to $16.
If buyer’s protection bastion in the range of $7 does not withstand the invasion of sellers, then the continuation of the fall to $4 will become quite real.
Though, if you narrow down our chart, you will see a long trading history of the SNXUSD pair. The chart clearly shows that even a theoretically possible price fall to $4 will still look like a protrade at the top of the global chart and will not carry anything critical for long-term investors.
Short and medium-term speculators need to be vigilant, use stops in trading and pay special attention to the liquidity zones that we have highlighted on the chart.
GRT Forecast: Buyers Prepare for the Test of $1.3
One of the hottest crypto projects, which already at the beginning of 2021 showed a growth by more than 1000% in a month, has now fallen out of popularity. With a total daily trading volume of $221,718,128, the GRTUSDT market is far from top positions at the moment. Nevertheless, we are well aware of how quickly things can change in the cryptocurrency market. Therefore, our task is to keep our finger on the pulse and wait for the right moment for profitable speculation.
A significant deterioration on the GRTUSD market took place after buyers lost control over the range of $1.3-1.4. Consolidation, which continued from February to May, broke down, testing the mark of $0.5.
In our previous global idea, which we published on12 February, we expected the beginning of a correction.
The price went down, but it is interesting that now buyers are fixing above the range, in which we expected the fall to stop.
Thus, we assume that the fall impulse, which began in mid-May, ends and a rebound awaits us with the first target of $1.3.
The question arises – where to buy this low-risk cryptocurrency?
If we look at the 12-hour timeframe, we can see that buyers are now trying to take control $0.75- $ 0.8:
So far, we see that the trading volumes have increased and buyers still lack a retest of the range $0.6. If a local fall wave to this range is at low volumes, it will be a good signal to buy this coin.
Aggressive red candles and increased trading volumes during a local fall wave will continue the price movement in the black channel. In this case, sellers can count on the test of $0.32-0.35. At the moment, this is an alternative scenario for us.