Leading derivatives liquidity protocol Synthetix Network has broken out with SNX price soaring +14% following the announcement of an upcoming Perps V3 launch on Coinbase’s native scaling blockchain BASE.
With an exciting partnership connecting promising off-chain oracle Pyth network also in the works, Perp V3 is set to deliver a plethora of innovations including cross margins, expanded multi-collateral trading, account based-access, and liquidation upgrades.
Exciting news! Perps V3 is on the horizon, set to build upon the remarkable success of V2. Get ready for its upcoming launch on @BuildOnBase via the Andromeda Release.
V2 brought a paradigm shift to onchain perps, focusing on risk management and introducing now-standard features… pic.twitter.com/z2a7U9N4nv
— Synthetix (@synthetix_io) November 19, 2023
The news has seen market sentiment turn decidedly bullish as part of a wider explosion in BASE-launched projected linked to the #BuildOnBase initiative.
Minimum target $4.20 on this pump legends pic.twitter.com/bX2FTnnwr6
— Crypto Tony (@CryptoTony__) November 20, 2023
SNX Price Analysis: Can Perp V3 Launch on Base Trigger Major SNX Price Rally or Is It Too Late to Buy Synthetix Network?
As SNX price remains high in the breakout trading channel, Synthetix Network is currently trading at a market price of $3.52 (representing a 24-hour change of +2.74%).
Yesterday’s significant SNX price pump came on the tail-end of a 35-day push after a bounce from the supportive lower trendline in SNX’s breakout trading channel.
Pushing off lower support at $1.80 on October 16, price has climbed +105% over the past month.
Now in the midst of minor localized retracement after resistance at the upper trendline, the SNX rally has so far hit a local top at $3.725.
Moving averages highlight the bullish momentum underpinning current SNX price action, with a golden cross signal emerging on November 5.
The 20DMA (which currently stands at $2.73) has remained ascendant providing lower support to the upside price move throughout the past month.
Meanwhile, the 200DMA remains far below price action stands low in the trading channel at $2.28.
Looking at Synthetix Network’s key indicators, the RSI has overheated significantly over the course of this rally, now reading at 75.05 – this suggests price is currently overbought.
But while the RSI is sending a bearish signal, the MACD conflicts this remaining bullish at 0.067.
Overall, Synthetix Network is looking strong here but vulnerable to a much needed localized retracement move due to the overheated RSI – this could prove health for SNX’s long-term rally structure.
To the upside market sentiment sees SNX price targeting a move to $4.20 (a potential +19.93%).
But downside risk from here could see SNX price retrace and consolidate at 20DMA support around $2.73 (a possible -22%).
Synthetix Network therefore carries a current risk: reward ratio of 0.9 – this sub-par entry suggests SNX price is likely to retrace to the middle of the trading channel on the short-time frame – too late to buy with current positioning.
But while SNX price is vulnerable to a retracement move, an emerging Meme Coin presale is poised for an explosive token launch as $2M is raised in skyrocket funding round.
Meme Kombat Presale Pushes For $2m With $10k Giveaway – Don’t Miss Out!
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
Don’t forget that we are going to be giving away 10,000 USDT when we hit $2 million raised in presale
— Meme Kombat (@Meme_Kombat) November 20, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.205 (with a price rise in just 3-days!), and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.