Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- SNX was up 18% in the first week of September amidst hype around the V3 upgrade.
- Negative funding rates and declining Open Interest rates could derail the pump.
According to TradingView’s monthly chart, Synthetix [SNX] was up 18% in September, based on the press time value of $2.285. As the rest of the altcoin market bled amidst Bitcoin’s [BTC] muted price performance, SNX was an outlier.
Is your portfolio green? Check out the SNX Profit Calculator
The hype and pump were likely stirred by the anticipated V3 upgrade. Notably, the Decentralized Finance (DeFi) protocol reiterated that the V3 upgrade will overhaul the on-chain derivatives.
Range, dump, or extra pump – What’s next for SNX?
The red area marks the July break-out and breaker block of $2.25 – $2.65. The area blocked August’s recovery and could derail September’s pump.
At press time, a long high wick or shooting star candlestick confirmed sellers attempted to block bulls at the $2.25 – $2.65 area. However, the 50 and 100-EMA (Exponential Moving Averages) went slightly sideways, suggesting a likely range formation couldn’t be overruled.
But, the $2.4 and $2.8 were key targets to watch if buyers overwhelm sellers at the $2.25 – $2.65 resistance zone.
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Author: Benjamin Njiri
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