Synthetix Is Unlikely to Dive below $0.500
Synthetix (SNX) is down 6.7% this week to $0.655, underperforming the broader crypto market, where Bitcoin (BTC) has slipped 3.3% to $113,771. Investors are on edge ahead of Fed Chair Jerome Powell’s speech on Friday, fearing he may double down on a hawkish stance after disappointing U.S. inflation data.
Despite the drop, SNX remains technically resilient above the $0.500 support level, which has held firm since October 2019. Sentora data shows that 100% of current SNX holders are sitting on losses, which paradoxically signals a potential bottom. Historically, such capitulation phases have marked exhaustion in selling pressure, making it less likely that prices will dive below this long-term threshold.
Disclaimer:
The comments, insights, and reviews posted in this section are solely the opinions and perspectives of authors and do not represent the views or endorsements of RHC Investments or its administrators, except if explicitly indicated. RHC Investments provides a platform for users to share their thoughts on financial market news, investing strategies, and related topics. However, we do not guarantee the accuracy, completeness, or reliability of any user-generated content.
Investment Risks and Advice:
Please be aware that all investment decisions involve risks, and the information shared on metadoro.com should not be considered as financial advice. Always conduct thorough research, seek professional advice, and exercise caution when making investment decisions.
Moderation and Monitoring:
While we strive to maintain a respectful and informative environment, we cannot endorse or verify the accuracy of all user-generated content. We reserve the right to moderate, edit, or remove any comments or posts that violate our community guidelines, infringe on intellectual property rights, or contain harmful content.
Content Ownership:
By submitting content to metadoro.com, users grant RHC Investments a non-exclusive, royalty-free license to use, display, and distribute the content. Users are responsible for ensuring they have the necessary rights to share the content they post.
Community Guidelines:
To maintain a positive and respectful community, users are expected to adhere to the community guidelines of Metadoro. Any content that is misleading, offensive, or violates applicable laws and regulations will be subject to moderation or removal.
Changes to Disclaimer:
We reserve the right to update, modify, or amend this disclaimer at any time. Users are encouraged to review this disclaimer periodically to stay informed about any changes.
