SNX is Raging to the Upside
Synthetix (SNX) experienced a 10.0% increase, reaching $4.360 this week. On Thursday, the token achieved a higher level at $4.557, reflecting a 15.0% rise. The positive momentum is influenced by the surging Bitcoin (BTC), which recorded a 20.0% increase during the week. Bitcoin is now only 7.0% away from its all-time high, and if investors continue to short the major cryptocurrency while placing stop-loss orders behind the all-time high, a breakthrough into new highs is anticipated.
Synthetix is following the market trend, breaking through the resistance at $4.000 and attempting to maintain levels above $4.500. Successful consolidation above this level could propel the token towards $5.000. However, it's important to note that Synthetix may lack distinctive catalysts for its own upward movement beyond this target.
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