The cryptocurrency market is in consolidation but SNX and SUSHI are flying the bullish flag high. Synthetix is poised for a 60% upswing above the ascending triangle pattern. The cryptocurrency market is awfully quiet since the week started. The weekend session saw some considerable movement, amid the push by the bulls to recover from the
The Paypal news triggered massive bullish momentum for Bitcoin which broke above $13k and climbed to levels not seen since last year. This was followed by the rest of the cryptocurrency market following suit which also soared to fresh highs. But the bullish sentiment was not limited to just the cryptocurrency ladder. The optimistic sentiment
Synthetix declines on hiatus amid low volatility and volume. Recovery is likely to hit a snag at the 21-day SMA, which could send SNX back to the drawing board. The decentralized finance (DeFi) craze appears to have hit pause. It seems this the time tokens in the sector have to prove their worth to investors.
DeFi activity saw a massive boom in the third quarter of the year. This September, several DeFi tokens sustained severe pullbacks along with numerous market corrections. Despite this, these tokens continued to lead the pack. This was according to the latest Q3 report by Coingecko, which further noted that while crypto-assets projected a rather sluggish market movement,
DeFi platform Synthetix [SNX] announced the first phase of its transition to the second layer scalability solution of Ethereum called Optimistic Ethereum. The official release defines Optimistic Ethereum as only a “generalized” layer two solutions for Ethereum since it doesn’t require any specific functionality to be built to support existing protocols of layer one. Synthetix First Phase
Synthetix price bounces off support at $3.40 in readiness for a breakout to $5.00. SNX/USD is drawing closer to the resistance at the 50EMA, likely to delay the bullish scenario. Synthetix Network Token price fell in tandem with other decentralized finance (DeFi) tokens. The lending, borrowing, and liquidity ecosystem has been dealt a heavy blow