Is Synthetix Network Going to Zero? SNX Price Tumbles 7% as Bitcoin Mining

In the midst of a major SNX price rally, a -7% tumble from a 600-day high has sent a wave of panic through the Synthetix Network community – leading some to ask is Synthetix Network going to zero?

This comes after an explosive upside move, triggered by the news that Synthetix Network are bringing SNX token inflation to an end through a new upgrade.

$SNX weekly retest into previous highs, for me this is quite a strong signal for a buy eventhough the market isn’t looking good.

We almost reached $5 yesterday but if this weekly breakout is indeed strong I feel like another 40% up to $6-7 is possible. https://t.co/1gmJKPHQ1e pic.twitter.com/psUxnWE182

— Cray (@craywng) December 13, 2023

The exciting tokenomic change has fuelled extremely bullish market sentiment, with SNX traders anticipating that the rally could continue despite a wider drawback in crypto markets.

SNX Price Analysis: Is Synthetix Network Going to Zero Amid -7% Price Drop?

As retracement movements grip the chart, Synthetix Network is currently trading at a market price of $4.15 (representing a 24-hour change of -1.84%).

The downside drop was triggered by rejection from a local high at $4.94 – a price level untouched since May 2022.

Now battling to establish a consolidation zone between $4.00 and $4.25, SNX price appears to be poised from the downtick, with price action on the short-time frame likely to continue to draw on support from the 20DMA (sat at $3.76) to maintain upside momentum.

Indeed, moving average support has been the backbone of technical structure amid the huge +120% move over the past two-months period.

This was triggered by a golden cross on November 5, 2023, which has since seen the 200DMA turn steadily ascendant  – now standing at $2.42.

However, some warning signs emerge from the RSI indicator, which remains overheated at 62.03, despite the retracement drop – suggesting further downside could be on the cards.

But this is contrasted by bullish divergence on the MACD indicator, which is reading at 0.029 – suggesting consolidation is more likely than further retracement.

Overall, SNX price looks strong here, with a health retracement continuing to mirror the previous structure of the rally – seeking a fourth bounce of the 20DMA.

This leaves SNX price with an upside target at $5.50 (a potential +31%).

While downside risk from here could see SNX price fall down to 20DMA support at $3.75 (a possible -10.6%).

SNX price therefore carries an ongoing risk: reward ratio of 2.93 – suggesting a strong entry, and certainly not going to zero anytime soon.

But while SNX price is in the midst of retracement from a local high, smart money are flocking to a rapidly growing Bitcoin cloud mining project aiming to make it big ahead of the 2024 Bitcoin halving event.

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