SNX hits a brick wall in its attempts to push to a new 2023 high. Short sellers should exercise caution as SNX’s relative strength leans in favor of a limited retracement. Synthetix’s native token SNX is among the few cryptocurrencies that managed to maintain a bullish bias in the last two weeks. This, at a […]
The market’s reaction was completely different despite expectations of a significant
boost courtesy of the milestone. SNX tanked by 7.88% in the last 24 hours to its $2.79 press time price.This bearish mid-week outcome occurred after the price hit a resistance wall at SNX’s previous 2023 high. The subsequent sell pressure as a result of this resistance retest may have suppressed any potential bullish volumes associated with the recent announcement.
The recent peak and retracement reflect a surge in 24-hour active addresses. This is because of the increase in demand for SNX at the end of February. Thus, triggering a surge in network growth. However, active addresses dropped off since the start of March, confirming that demand was slowing down.SNX’s mean coin age is currently at its 4-week high, which means it was not affected by the retracement. In other words, most of the buyers that accumulated SNX in February are still holding onto their coins.Lastly, SNX’s on-chain volume indicator reached its highest 4-week levels at the end of August.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Lowe’s forecasts 2023 sales below market expectations due to sagging demandLowe’s projected full-year total sales of $88-billion to $90-billion, while analysts on average estimated annual revenue of $90.48-billion
Lire la suite »
Newfoundland and Labrador 2023 Canada Winter Games results, Tuesday, Feb. 28 | SaltWireThe 2023 Canada Winter Games are underway in Prince Edward Island until March 5. Here's a look at how Newfoundland and Labrador athletes have done through ...
Lire la suite »
What you need to know about the B.C. government’s 2023 budget - Terrace StandardBig spending on health, community grants and ways to curb inflation
Lire la suite »
Alberta Budget 2023: Education funding bumped 5.2 per cent to address growth, pandemic impactsCritics say the increase is not nearly enough to address more than two years of flat funding by the UCP government.
Lire la suite »
Alberta Budget 2023: UCP government posts $2.4 billion surplus, with rise in spending ahead of electionAlberta’s UCP government tabled what amounts to a pre\u002Delection budget Tuesday with spending north of $70 billion and a surplus of $2.4 billion.
Lire la suite »
Alberta Budget 2023: Post-secondary, roads investments among new spendingAfter two years of spending on its COVID\u002D19 recovery plan, there’s no specific spending on pandemic turnaround for the upcoming fiscal year.
Lire la suite »