Synthetix Crypto Price Prediction - Is SNX Token Undervalued?
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Synthetix Token has taken a huge hit this week following the recent upheaval in the markets due to news surrounding the FTX exchange.
As a result that price of Synthetix Token (SNX) has plummeted all the way down to $1.63 which could now reflect an undervaluation reaccumulation phase making it a strong addition to a long-term crypto portfolio.
Will Synthetix Token recover and what stronger alternatives are in the market?
Last week Synthetix (SNX) was trading at a healthy $2.78 and then suddenly the abrupt news of the FTX exchange caused deleterious effects for many altcoins and major bluechip cryptocurrencies.
Now trading at $1.64, Synthetix Token (SNX) has taken a huge hit and has lost almost 42% of its overall valuation.
Clinging on to a key support level of $1.55 where the price rapidly bounced, SNX is now trading in a very promising looking bullish reversal pattern known as a falling wedge.
A successful breakout to the upside could result in a huge pump for the bulls and those accumulating Synthetix Token (SNX) at these lower price levels.
If the resistance trendline of the falling wedge is broken at roughly $1.68, we could see a powerful impulse wave up to the next resistance at $1.86.
Should this particular technical target be broken, we could then see a pump up to roughly $2.15 which would result in a 31% increase in price from current levels.
It is vital that SNX can hold on to the $1.55 support level to avoid negative continuation down to $1.43, although, this could be another very good dollar cost averaging opportunity if holding until the next crypto bull run.
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