SNXUSDT BULLISH, Breakout OPPORTUNITY +180%

13 ก.ย. 2022

Hi Traders, Investors and Speculators 📈📉

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩‍🏫

Synthetix Network Token (SNX) is an Ethereum token that powers Synthetix, a decentralized synthetic asset issuance protocol. For a few months, I have been extremely bullish on SNXUSDT. I've been mentioning it in videos on altcoins that I am watching multiple times. After the last video, the price of SNXUSDT has increased by 20%. Now I know this is not the whopping 120% or 150%, but it was a very low risk trade with extremely high upside potential. Considering that it's previously done a +1000% in 3 months during the previous parabolic bull run, a target of 180% for mid-cycle is modest.
My next target is also considering a spot trade, and it could take another few months to get there (unless the bullish market comes early. The best time to accumulate altcoins is when they are trading in-between the 0 and the 0.236 Fibonacci Retracement level, as this one currently is. The risk to reward ratio is exceptional in such cases. It is also comforting to see the period of consolidation trading/range trading and a contraction in the Bollinger Bands for nearly a month, indicating that the price is getting ready for another move.

Here's the video on the 3 Altcoins that I was watching earlier this year:

Synthetic assets / tokens are minted when token holders stake their SNX as collateral using Mintr, a decentralized application for interacting with the Synthetix contracts. If you want to know a little bit more about how this works and how to start staking and yield farming, check out this easy guide for making money with DeFi :

Interested in the Merge on Ethereum and how it may affect the price of ETHUSDT ? Check out this idea 👀

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