The recovering crypto market has seen many altcoins, including Synthetix (SNX), flourishing more than others. Besides that, these assets have seen increased use cases. Nevertheless, that brings a crucial question. As notable upticks appear lucrative at the moment, can these tokens survive when the bullishness wanes?
SNX and Its Organic Surge
The May-June crash saw SNX plummeting to $1.5 from the $7.7 local top within a month. Nevertheless, the alternative token regained all June losses and a lucrative portion of May’s crash with a 116.08% surge. That pushed the alt’s trading price to the $4.02 level. While publishing this blog, SNX traded at $3.78.
Early this week, alongside the token’s rally, Synthetix platform’s stablecoin sUSD attained a collateral status on the AAVE V3 protocol on Optimism. Besides that, Synthetix’s atomic swaps integrate with OpenOcean, a DEX aggregator.
That might see the decentralized finance protocol performing well as a dApp and an asset. Moreover, this growth appears to continue in the coming sessions, provided SNX escapes bear attacks (in the near term).
The probability of that occurring appears to decline as market fear fades. While publishing this post, the crypto Fear & Greed Index hovered near 4-month highs. Worth noting is though it displayed greed, that was somewhat far.
Furthermore, SNX already enjoys support from the 50-day SMA (Simple Moving Average) and the 100-day Simple Moving Average. Moreover, the altcoin climbed beyond the 200-day Simple Moving Average at some point before dropping in the past 48 hours.
Lastly, SNX appeared to exhibit surging positivity as the Parabolic SAR had its while dots beneath the candles. Moreover, the ADX (Average Directional Index) confirmed strengthening uptrends as it stayed beyond the 25-region.
Meanwhile, the crypto market struggled to maintain the latest gains as bears emerged. Bitcoin seemed to lose the $23K mark after losing 3.30% over the past 24 hours to $23,048.
Also, Ethereum surrenders the crucial $1.7K level, changing hands at $1,659 during this publication. Declines by large-cap cryptos saw the global cryptocurrency market capitalization dropping 2.53% within the last day to $1.07 trillion.
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