Hegic and Synthetix (SNX) Technical Analysis: What to Expect?

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HEGIC prices are bottoming up. Accordingly, HEGIC/USDT may reach $0.65. Meanwhile, Synthetix’s uptrend is valid. SNX/USDT buyers are aiming at $28.

Synthetix (SNX)

The Synthetix project is one of the leading protocols in Ethereum where users get exposure to a variety of highly liquid synthetics—or synths.

SNX is the dApp’s governance token.

Past Performance of SNX

From a top-down view, the SNX price is trading within a bullish breakout pattern.

It is in range mode, but buyers have the upper hand.

SNX technical analysis in the daily chart shows that SNX is capped below the primary resistance and buy trigger at $20.

Thus far, SNX is up 20 percent on the last trading day, edging higher on rising volumes.

Day-Ahead and what to Expect

Technically, the SNX/USDT uptrend is valid.

However, the buy trend resumption of early this year depends on the reaction at $20.

As of writing, SNX bull bars are printing higher highs as the middle BB is positively slanting, indicating volatility and momentum in lower time frames.

SNX/USDT Technical Analysis

Buyers are in control, and SNX/USDT is trading within a bullish breakout pattern.Presently, aggressive SNX buyers can load the dips with targets at Feb 2021 highs of $28.On the other hand, a high-volume close above $20—March 2021 highs—may trigger SNX risk-averse traders into action.Their immediate targets will be $28.HEGICThis is an on-chain options platform reliant on smart contracts and pools in Ethereum. HEGIC is its governance token.

Past Performance of HEGICHEGIC technical analysis shows that bears have been in control for the better part of the last two months.Presently, HEGIC prices are bouncing back, buoyed by trading volumes that are up 4.5X to $20 million.HEGIC is also outperforming the USD, adding 28 percent on the last day.Day-ahead and What to ExpectFrom the daily chart, HEGIC correction was deep, shrinking over 80 percent before finding support at $0.12.Candlestick arrangement indicates strength.Still, risk-averse traders can wait for a close above $0.25 and the main resistance trend line before loading the dips.

HEGIC/USDT Technical Analysis

A comprehensive close above the buy triggers—that is, over $0.25—could be enough to prime the next move higher.From HEGIC price charts, bulls may target $0.65—or February 2021 highs.

On the reverse side, contraction below $0.17 could see a correction back to $0.12 in bear trend continuation.


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