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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$5.5M In The Crosshairs: Bitcoin Minetrix Surges Past $5M As Markets Rush To Bitcoin Cloud Mining
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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