• Bullish SNX price prediction 2023 is $3.967 to $5.667.
• Synthetix Network (SNX) price might also reach $10 soon.
• SNX bearish market price prediction for 2023 is $2.047.

In Synthetix Network (SNX) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about SNX to analyze the future movement of the cryptocurrency.

Synthetix Network (SNX) Current Market Status

What is Synthetix Network (SNX)?

Synthetix Network (SNX) is an ERC-20 token native to the Synthetix network. Synthetix is a DeFi protocol for the creation and trading of synthetic assets and synths. The protocol was launched amid the 2018 bear markets. Synthetix operates on a proof-of-stake (PoS) consensus model that supports the operations of crypto-backed synthetic assets. 

Synths mirror the price movements of real crypto assets and serve as their derivatives. For instance, synthetic Bitcoin (sBTC) and synthetic Ethereum (sETH) serve as the derivatives of real Bitcoin and Ethereum. Investors can use these synths as bets on the price of the respective cryptos without actually holding the actual assets.

Synths also represent and mimic real-world assets such as fiat currencies, stocks, bonds, and commodities. Synthetic USD (sUSD) can be deployed to track the prices of US dollar (USD). Synthetic also hosts a peer-to-peer decentralized exchange (DEX) specially devoted to the trading of synthetic assets.

Synthetix Network (SNX) is an ERC-20 token native to the Synthetix network. Synthetix is a DeFi protocol for the creation and trading of synthetic assets, and synths. The protocol was launched amid the 2018 bear markets. Synthetix operates on a proof-of-stake (PoS) consensus model that supports the operations of crypto-backed synthetic assets. 

Synths mirror the price movements of real crypto assets and serve as their derivatives. For instance, synthetic Bitcoin (sBTC) and synthetic Ethereum (sETH) serve as the derivatives of real Bitcoin and Ethereum. Investors can use these synths as bets on the price of the respective cryptos without actually holding the actual assets.

Synths also represent and mimic real-world assets such as fiat currencies, stocks, bonds, and commodities. Synthetic USD (sUSD) can be deployed to track the prices of US dollar (USD). Synthetic also hosts a peer-to-peer decentralized exchange (DEX) specially devoted to the trading of synthetic assets.

Users will have to stake Synthetic Network (SNX) tokens to use the services provided by this protocol. SNX tokens can also be locked in and used as collaterals to create synths. SNX tokens also facilitate the exchange or swapping of various synthetic assets.

Synthetix Network (SNX) Price Prediction 2023

Synthetix Network (SNX) holds the 55th position on CoinGecko right now. SNX price prediction 2023 is explained below with a daily time frame.

The above chart of SNX laid out an ascending broadening wedge pattern. An ascending broadening wedge is a bearish chart pattern. It is formed by two diverging bullish lines. An ascending broadening formation forms an inverted triangle shape in the price chart. In ascending broadening wedge structure, the price makes a low and rises. The price must touch both the upper and the lower trend lines three times in an uptrend movement, with the resistance line rising more steeply than the bottom line, to confirm the pattern.

While the pattern is forming, volume rises significantly when the price line breaks the support line.It is a bearish reversal pattern that forms in the uptrend. In an ascending wedge pattern, the price fluctuates between the upper resistance line and the lower support line.

Currently, Synthetix Network (SNX) is in the range of $3.11. If the pattern continues, the price of SNX might reach the resistance level of $3.360, &  $5.091 If the trend reverses, then the price of SNX may fall to $1.980.

Synthetix Network (SNX) Support and Resistance Levels

The chart below shows the support and resistance levels of Synthetix Network (SNX).

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Synthetix Network (SNX). 

The charts show that Synthetix Network (SNX) has performed a bullish trend over the past month. If this trend continues, SNX might run along with the bulls overtaking its resistance level at $5.667.

Accordingly, if the investors turn against the crypto, the price of Synthetix Network (SNX) might plummet to almost $2.047, a bearish signal.

Synthetix Network (SNX) Price Prediction 2023 — RVOL, MA, and RSI

The Relative Volume (RVOL) of Synthetix Network (SNX) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of SNX lies below the cutoff line, indicating weak participants in the current trend.

Also, the Moving Average (MA) of Synthetix Network (SNX) is shown in the chart above. Notably, Synthetix Network’s (SNX) price lies above 50 MA (short-term), so it is completely upward. Currently, SNX has entered a bullish state. Therefore, there is a possibility of a reversal trend of SNX at any time.

Meanwhile, the relative strength index (RSI) of the SNX is 59.16. This means that Synthetix Network (SNX) is in a nearly overbought state. However, this means a major price reversal of SNX may occur in the upcoming days. So, traders need to trade carefully. 

Synthetix Network (SNX) Price Prediction 2023 — ADX, RVI

Let us now look at the Average Directional Index (ADX) of Synthetix Network (SNX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

The above chart represents the ADX of Synthetix Network (SNX). Currently, the ADX of SNX lies in the range of 23.549 and thus, it indicates a weak trend. 

The above chart also represents the Relative Volatility Index (RVI) of Synthetix Network (SNX). RVI measures the constant deviation of price changes over a period of time. The RVI of SNX lies above 50, indicating high volatility. In fact, the RSI of Synthetix Network (SNX) is at 59.16, thus confirming a potential buy signal.

Comparison of SNX with BTC, ETH

The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and  Synthetix Network (SNX).

From the above chart, we can interpret that the price changes of BTC, ETH, and SNX are moving in a similar trend. This indicates that when the price of BTC increases or decreases, the price of ETH and SNX also increases or decreases respectively.

Synthetix Network (SNX) Price Prediction 2024-2030

Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of Synthetix Network (SNX) between 2024 and 2030.

Synthetix Network (SNX) Price Prediction 2024

If the declining price action completely slows down in momentum and the trend reverses,  Synthetix Network (SNX) might probably attain $12 by 2024.

Synthetix Network (SNX) Price Prediction 2025

With several upgrades in the network, Synthetix Network (SNX) might enter a bullish trajectory. If the coin grabs the attention of major investors, SNX might rally to hit $15 by 2025. 

Synthetix Network (SNX) Price Prediction 2026

If Synthetix Network (SNX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, SNX will rally to hit $18.  

Synthetix Network (SNX) Price Prediction 2027

If Synthetix Network (SNX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, SNX will rally to hit $20. 

Synthetix Network (SNX) Price Prediction 2028

If Synthetix Network (SNX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, SNX would rally to hit $23. 

Synthetix Network (SNX) Price Prediction 2029

If Synthetix Network (SNX) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, SNX would hit $25 in 2029.

Synthetix Network (SNX) Price Prediction 2030

If investors flock in and continue to place their bets on Synthetix Network (SNX), it would witness major spikes. SNX might hit $29 by 2030.

Conclusion

With continuous improvements in the Synthetix Network, we can say that 2023 is a good year for SNX. For this reason, the bullish price prediction of Synthetix Network (SNX) in 2023 is $5.667. On the other hand, the bearish price prediction of Synthetix Network’s (SNX) price prediction for 2023 is $2.047.

Furthermore, with the advancements and upgrades to the Synthetix Network ecosystem, the performance of SNX would help to reach above its current all-time high (ATH) of $28.53 very soon. But, it might also reach $10 if the investors believe that SNX is a good investment in 2023.

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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.