Altcoin market analysis: SNX/USD has surged 120% over the past two weeks
SNX/USD hit a new all-time high on Thursday after a 23% jump on the day brought its gains over the past two weeks up by 120%
While BTC/USD and ETH/USD are looking to bounce above $9,300 and $230 respectively, several altcoins are delivering large returns.
In the past few weeks, we have seen Compound Token and Balancer emerge as interesting players within the decentralized finance ecosystem. Driven by yield farming, these tokens have seen significant price action.
Synthetix Network’s SNX is currently the biggest gainer in the market, with momentum coming from the DeFi frenzy seen over the past month. The SNX is an Ethereum-based utility token used on the Synthetix Network’s exchange in peer-to-contract trading.
The DeFi platform, whose main application is in the tokenization of asset derivatives, has seen the value of its native token spike since March when the coronavirus pandemic led to a crash across crypto and traditional markets. On March 16, the coin traded at a low of $0.35.
This morning, SNX/USD was the biggest gainer among the top 40 cryptocurrencies by market cap. The token tops the gainers’ charts in this group, with a 23% and 31.5% price surge over the past 24 hours and seven days respectively.
Over two weeks, SNX has gained more than 120%, with the monthly increase currently at over 199%. The token’s yearly returns are around 761%.
SNX/USD daily price analysis
The token has touched an all-time high of $2.47 during the Asian trading session. While today’s low of $2.32 followed swiftly, if the uptrend holds, then a daily close higher than yesterday’s $2.33 is achievable.
As of press time, SNX/USD is exchanging hands at $2.41. The intraday trading volume has jumped from $6,893,206 on June 30, to $15,509,415 as per data on CoinMarketCap. The token is ranked 38th with its market cap at $208 million.
Looking at the 4-hour charts SNX/USD is currently trading above all the moving averages. Notably, the Sythentix Network Token is in an uptrend short term, with bulls set to find new highs.
The RSI however, is firmly in overbought territory — so if bulls run out of steam and cede control to sellers, a short term drop is likely. There is healthy support at both the 20-day and 50-day MAs should that happen to stop prices falling too low.
Below that, bears will have to push the price beneath the 200 MA at $1.25 for the pair to turn bearish.
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Benson Toti, Khareem Sudlow