CRYPTO NEWS

Synthetix has surged 100% in 24 hours – Here is why

Synthetix (SNX) is now the top-performing cryptocurrency over the past 254 hours. While some of these gains are largely linked to a broader recovery in the market, there is also some outstanding platform news. Synthetix is a major DeFi platform that brings traditional financial assets into the blockchain. Here are some highlights.

  • SNX haD gained over 100% at some point in 24-hour intraday trading.

  • The token did however pull back slightly but was still above 60% in the green.

  • The surge came as news broke of massive growth in Synthetix’s daily trade volume.

Data Source: TradingView 

Synthetix: Why the surge will continue

As noted above, Synthetix reported some exciting on-chain news. Just recently, the platform introduced a new feature called ‘Atomic Swaps’. The feature helps to support derivative liquidity on Synthetix. Today, it was announced that Atomic Swap had seen a surge in trade volume. In fact, the platform is now able to process $200 million per day. 

This is one of the highest in the market. It beats other competitors like 1Inch and Curver by huge margins. It also seems that investors were quite upbeat about the news. SNX saw daily trade volume surge by nearly 1200%, suggesting that people are buying it in huge numbers.

The price also went up massively. At one point, SNX was higher by 100% before it retreated slightly. As the success of Atomic Swap continues, more investors will buy into SNX. The coin could see a bullish rally over the next 7 days, taking the price closer to $5.

Should you buy SNX

Well, the most important thing for any investor out there is the underlying fundamentals of a project. SNX has everything you would look for in a DeFi protocol, and it’s actually growing faster.

This is a good time to buy for a long-term investor. Also, short-term traders can still ride the Atomic Swap success this week and exit at around $5.

The post Synthetix has surged 100% in 24 hours – Here is why appeared first on CoinJournal.

Investigating the bull case for Zcash as the rest of the sector remains muted

Zcash offers privacy protections in the crypto sector Its native token ZEC is down 22% in a week Zcash’s native token remains bearish as the price breaks below key support levels. The advent of crypto promised one thing to financial ecosystems. The ability to safeguard the anonymity of users when transacting on various networks. It::Listen

  • Zcash offers privacy protections in the crypto sector

  • Its native token ZEC is down 22% in a week

  • Zcash’s native token remains bearish as the price breaks below key support levels.

The advent of crypto promised one thing to financial ecosystems. The ability to safeguard the anonymity of users when transacting on various networks. It then follows that privacy protocols such as Zcash ZEC/USD had a place in the crypto sector.

Zcash is a privacy-focused blockchain network. The protocol originated from the Bitcoin network in 2016. Zcash provides two types of addresses, which are transparent addresses and shielded addresses. Transparent addresses are publicly visible on the network. Shielded addresses are more private. Besides, Zcash uses zero-knowledge proofs to make the contents of a transaction private. 

After exponential 2021, the price of Zcash crashed this year. The coin currently trades at $54, despite having topped $300 in November 2021. Zcash has fallen by 18% in the last 7 days. The declines are across the board in crypto. The decline of Zcash suggests that privacy coins still have ground to cover.

Zcash maintains a bearish momentum with no end in sight

Source – TradingView

Technically, Zcash remains in a bear market. The price broke below the key support of $84, making a bear case strong. Another minor support of $58 was also broken, and the crypto token is proceeding lower.

Technical indicators also suggest that the bear market for Zcash is strong. Both the 14-day and 21day moving averages remain above price. It suggests an unlikely bullish reversal in the short and medium-term. The MACD indicators also remain in bear territory. We expect further declines in Zcash.

Summary

Zcash is a privacy-focused network. Its native token has crashed this year and is down 22% in a week. The crypto-token will remain bearish in the short-and-medium term.

The post Investigating the bull case for Zcash as the rest of the sector remains muted appeared first on CoinJournal.

Synthetix has surged 100% in 24 hours – Here is why

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