In the Midst of a Major SNX Price Rally
After a recent surge in price, the Synthetix Network community is now experiencing a 7% drop, causing concern among some members who are questioning if the network is going to zero.
SNX Token Inflation to End
The price rally was initially triggered by the news that Synthetix Network plans to end SNX token inflation through an upcoming upgrade.
SNX Price Analysis
Currently trading at $4.15, Synthetix Network’s price has experienced a retracement from a local high at $4.94. The price is now consolidating between $4.00 and $4.25, with support from the 20DMA at $3.76.
Technical Indicators
The RSI indicator suggests further downside may be possible, while the MACD indicator indicates consolidation is more likely than further retracement.
Upside Target and Downside Risk
The upside target for SNX price is $5.50, while downside risk could see the price fall to 20DMA support at $3.75.
Bitcoin Minetrix Presale Opportunity
In the midst of the SNX retracement, Bitcoin Minetrix, a Bitcoin cloud mining project, has raised over $5.2 million in funding and offers an opportunity for investors to participate in Bitcoin mining with reduced capital risks.
The Centralization of Bitcoin Mining
Bitcoin mining has become increasingly centralized, with two mining pools receiving over 55% of all Bitcoin block rewards. This centralization has led to heightened network difficulty and challenges for individual miners.
The BTCMTX Advantage
Bitcoin Minet
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