HomeLatest NewsWhy is Synthetix up by more than 15% today?

Why is Synthetix up by more than 15% today?

Hassan Maishera

The cryptocurrency market has had a net positive week as the prices of most coins and tokens are in the green zone. 

It has been a positive week for the broader cryptocurrency market. The total market cap has surged past the $1 trillion mark following the rallies by leading coins and tokens over the past seven days.  

Bitcoin slightly retraced below $23k on Thursday but is up by nearly 1% and is trading above $23k at the time of this report. Meanwhile, ETH is also up by more than 6% in the last 24 hours and currently trades above $1,550 per coin.

SNX, the native token of the Synthetix ecosystem, is up by more than 15% in the last 24 hours, making it one of the best performers amongst the top 100 cryptocurrencies by market cap. 

The rally can be attributed to Synthetix announcing that it has renewed its partnership with Jump Crypto. 

According to the Synthetix team, Jump Crypto’s experience in data-driven trading and liquidity provisioning will complement its mission to become the liquidity backbone for on-chain derivatives.

Key levels to watch

The SNX/USD 4-hour chart is bullish as Synthetic has added more than 20% to its value in the last 24 hours. 

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day relative strength index of 61 shows that SNX could enter the overbought region if the positive momentum is maintained.

At press time, SNX is trading at $3.21 per coin. If the bulls remain in control, the coin could test the previous resistance level at $3.5 before the end of the day.

However, SNX would need the support of the broader cryptocurrency market to rally past the $4 psychological level in the short term.