Synthetix, a financial decentralization protocol (DeFi) that provides on-chain exposure to a wide range of Ethereum blockchain-based crypto and non-crypto assets.
Launched in September 2017 by Kain Warwick under the name Havven (HAV).
The platform aims to expand the cryptocurrency space by introducing non -blockchain assets, providing access to more established financial markets.
Next, look at the current movement chart of the SNX/USDT price.
Since the market opening in January 2021, the SNX network has shown a consistent record for two months by generating over 500% thus making the all -time high (ATH) at the $ 28.77 price level on February 14, 2021.
Following that, a consistent pace until May can still be seen, but after the onset of the "Market crash", SNX failed to continue rising to make a decline to the SBR zone (support become resistance) around $ 11 in line with the fall of Bitcoin (BTC).
From a technical point of view, SNX still maintained a weak price movement until it fell to the support level around $ 6.9 which is the observation of investors.
If the SNX price movement manages to pass the support space, the SBR (support become resistance) zone around $ 11 will be retested before the expectation to continue higher.
However, if the price movement is still unable to pass the support space and signal a bearish trend, the price movement is expected to continue to decline until testing the lowest level ever recorded before.
At the time of writing, SNX/USDT is trading at $ 6.70. The coin is currently ranked 74th on the crypto chart.
