Buy Synthetix token on a retracement as key breakout occurs

CoinJournal

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  • Synthetix is a derivatives liquidity protocol

  • Synthetix token has pushed above a key resistance

  • Investors should snap the cryptocurrency on a retracement to $3.5

Synthetix token SNX/USD is trading at $4.04. The price level was reached after the token gained by at least 24% in the past week. The gains in the token come on renewed optimism of DeFi recoveries. DeFi leader Ethereum is projected to be nearing a potential shift to PoS system from PoW. That is adding interest in related protocols such as Synthetix.

In a snapshot, Synthetix is a derivatives liquidity protocol. It links to derivative trading by enabling the creation of synthetic assets that can be traded on the blockchain. Around $423 million is locked in Synthetix protocol, underlining its role in the DeFi sector.Β 

The recent gains in Synthetix token show that investors believe in the platform. To investors, the latest gains in SNX should invoke interest in the token. A key breakout could allow further gains, and investors should keenly watch.Β 

SNX breakout at $3.5 sets it on course to top $7

Source – TradingView

Technically, SNX has broken past a resistance level at $3.5. The token remains bullish, with the MACD line remaining above the moving average. The short-term 14-day and 21-day moving averages offer support below, affirming a bullish move.

We believe SNX will continue soaring after the breakout while crypto sentiment remains strong. Nonetheless, the cryptocurrency could retrace back to the $3.5 support. That would allow investors to enter and ride high. We recommend a buy on a retracement. The token has a chance to rise to $7.3, which is the established resistance.

Summary

Synthetix token is bullish after breaking past resistance at $3.5. The price could rise to meet the next resistance at $7.3. Investors should buy the token on a retracement.


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