Is the SNX Rally Over?
Synthetix (SNX) lost 5% to $2.77 on Monday. Prices scaled back when they touched the $3.00 resistance, the highest level since July 27. The token may test this resistance, but it is unlikely to break through it. This may mean that the spot Bitcoin-ETF fueled rally could be over. BTC prices hit $38,000 per coin, the resistance of the ascending channel. The Synthetix project itself does not generate any news for the SNX to go above the $3.00 resistance. There might be an extra round of the Bitcoin fueled rally, but statistically it is unlikely. So, we would likely to see SNX correction to $2.50 per token.
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