Crypto Contest July 4: Synthetix Network Token

Synthetix Network Token (Bittrex: SNXBTC) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, SNX began a wave one advance on May 14. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 7, and the red wave two (blue sub-waves a-b-c) correction ended on July 1. If this wave count is correct, SNX should be heading next towards the June 7 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Synthetix is a decentralised synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices. Blockchained Future explained the platform in more detail back in May this year.

(Sources: Synthetix Network Token and YouTube)

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You can vote by following this link.

About the author: TIMM Trader

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