Crypto Contest July 30: Synthetix Network Token

in LeoFinance6 months ago

Synthetix Network Token (KuCoin: SNXUSDT) has broken out of the triangle pattern in the four-hour chart.

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

Elliott Wave Analysis

In Elliott Wave terms, SNX began a red wave one advance on March 16. The red wave one finished on May 8, and the red wave two correction ended on May 28. The red wave three advance finished on July 20, and the red wave four correction ended on July 27. If this wave count is correct, SNX should be heading next towards the July 20 peak in the red wave five.

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

Zooming out in the weekly chart, I believe SNX is currently in the red wave three. The red wave three began on March 16.

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

Funnymentals

Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets. Coin Bureau reviewed the project earlier this year.

(Sources: https://www.synthetix.io/)

How Will Synthetix Network Token Trade?

Synthetix Network Token (KuCoin: SNXUSDT) daily chart by Tradingview.

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

Prizes

I will be giving upvotes to the correct answers with minimum reputation of 25.

Rules

This poll will expire in one week. Only one vote per person.

Which one will happen first?

Please select one of the three choices and comment below.

SNX will takeout the July 20 peak

SNX will drop below the July 14 low

SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4

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SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4

SNX will takeout the July 20 peak

Correct.

👍🏾

SNX will takeout the July 20 peak

Correct.

SNX will takeout the July 20 peak

Correct.

SNX will takeout the July 20 peak

Correct.

SNX will takeout the July 20 peak

Correct.

SNX will takeout the July 20 peak

Correct.

SNX will takeout the July 20 peak

Correct.

SNX will takeout the July 20 peak

Correct.

SNX will takeout the July 20 peak

Correct.

SNX will takeout the July 20 peak

Correct.

SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4

SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4

SNX will drop below the July 14 low

SNX will drop below the July 14 low

SNX will drop below the July 14 low

SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4

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Posted Using LeoFinance


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SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4

SNX will drop below the July 14 low

SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4

SNX will drop below the July 14 low

SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4

SNX will drop below the July 14 low

SNX will drop below the July 14 low

SNX will stay in a trading range between the July 14 low and the July 20 peak until September 4