- Synthetix price has made a spectacular recovery in March.
- Enjin Coin price jumped as Efinity went live.
Synthetix and Enjin Coin prices have staged a strong comeback in the past few days as investors by fallen angels. SNX is trading at $6.88, which is about 100% above the lowest level this year. Similarly, the ENJ token is trading at $1.94, which is 67% above the YTD low. Other fallen angels that have rebounded lately are Zilliqa, Filecoin, and VeChain.
SNX: Synthetix price prediction
Synthetix is a major player in the Decentralized Finance (DeFi) industry. Started in Australia, it has grown to become a leading platform among investors and crypto traders. Its platform enables people to develop synthetic assets based on all tradable assets. For example, an exchange can create synths on assets like stocks, commodities, and exchange-traded funds.
A synthetic asset is an important asset that allows people to trade assets without needing to own the real item. For example, when you buy a sNFLX derivative, it means that you have an exposure to Netflix without owning the real stock. As a result, DEFI developers can provide these tools in their platforms without using the traditional model.
The Synthetix Network has a total value locked (TVL) of $1.27 billion. This is a strong comeback considering that it retreated to $878 million earlier this year.
The SNX price found a strong support at $3.48 earlier this month. The price was about 87% from its highest level, which made it a fallen angel. It has moved slightly above the important resistance level at $6.10, which was the highest level on February 9th. It has also risen above the 50-day moving average.
Therefore, there is a likelihood that the Synthetix price will keep rising as bulls target the next key resistance at $10. This will likely happen in April this month.
ENJ: Enjin Coin price prediction
Enjin is a blockchain project that is in the non-fungible token (NFT) industry. Its Efinity project, which is built in Polkadot allows people to mint and sell NFTs. In March, Efinity’s network launched its mainnet and is now in the process of being integrated with Enjin. This explains why the Enjin Coin price has made a spectacular recovery. It will also be followed by crowdloan rewards.
The daily chart shows that the ENJ price has been in a strong bullish trend in the past few days, following on from a dead cat bounce in Jan 2022. It has managed to move above the upper side of the descending trendline, meaning that bulls are in control. It has also moved above the 25-day moving average. Therefore, the coin will likely keep rising in April as bulls target the next key resistance at $2.50.
Contributors
