Coinbase Puts a Pause on Synthetix (SNX) Trading for New York Users
Coinbase has made the decision to temporarily halt trading of Synthetix (SNX) for users in New York starting on July 19. This move comes after a thorough review to ensure that all assets listed on the platform meet their strict standards.
The suspension of SNX trading applies to multiple platforms under Coinbase, including Coinbase.com, Coinbase Exchange, and Coinbase Prime. However, users in other supported regions will still be able to continue trading SNX.
To accommodate this change, Coinbase has shifted SNX order books to limit-only mode, enabling users to place and cancel limit orders. While matches may still occur, no new market orders will be processed.
Following the announcement, the price of SNX experienced a significant drop of 7%, reaching $1.88. The market cap for SNX currently stands at approximately $616 million. However, there was also a surge in trading volume, which increased by 71% to $43.9 million, indicating heightened trading activity in response to the news.
Since then, SNX has shown signs of recovery. As of now, it is trading at $1.98, with a market cap of $663.96 million. The 24-hour trading volume has adjusted to $32.37 million, reflecting a decrease of 22.07% from its peak following the announcement.
Looking at the SNX/USDT 1-day price chart, there has been a downtrend channel since April 2024, with the price hitting a recent low near the $1.76 mark. The relative strength index (RSI) currently stands at 32.54, suggesting that SNX may be in oversold territory. The price is attempting to break above the resistance level at $2.00, which could indicate a potential reversal if sustained.
Furthermore, the Fibonacci extension analysis indicates possible support at $1.76 and resistance levels at $2.38 and $2.58. Traders will closely monitor these levels for potential breakouts or further declines.