Buying the Dip: Synthetix (SNX)

Synthetix is an interesting platform. Especially for someone like me who is an active trader in a wide number of markets.

The Synthetix protocol offers a way to trade real-world assets in crypto land by utilize SYNTHS or Synthetic assets that are pegged to the real-world value of the offering.

You could, for example, trade a Tesla SYNTH which would allow you to trade a derivative based on the price of TSLA stock but without leaving the crypto industry.

I find that fascinating and I also find the chart of the SNX token - the one that backs the whole Synthetix platform - to be fascinating as well.

The chart is a huge dip. It looks like a systematic sell of - not unlike what other cryptocurrencies are experiencing at the moment.

Regardless of the reason, SNX seems to have bottomed out in my opinion. I just made a sizable trade on SNX with some USDT I had lying around.

I'll look to exit my short-term position at around 4.22. Possibly holding a small piece of the total position (possibly the profit) for the long-term since I like the project.