Coinbase will halt Synthetix (SNX) trading for New York users starting July 19, following a thorough review to ensure compliance with their strict listing criteria.
This decision, communicated through Coinbase’s official X account, impacts various trading platforms such as Coinbase.com, Coinbase Exchange, and Coinbase Prime. However, trading will remain operational for users in regions where support is maintained.
Coinbase Limits SNX Trading in New York
Coinbase has transitioned Synthetix (SNX) order books to limit-only mode for New York users starting July 19. This change allows users to place and cancel limit orders, with potential matches still possible, but new market orders will not be processed.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” Coinbase stated. This indicates continuous evaluations to uphold regulatory compliance and platform integrity.
Coinbase/ Source: X
Following the announcement, SNX saw a significant market reaction. The price of SNX dropped by 7% to $1.88, with a market cap of approximately $616 million. Moreover, the 24-hour trading volume surged by 71% to $43.9 million, signaling increased trading activity amid the news.
SNX Price Recovery and Market Analysis
Following the initial drop, the price of Synthetix (SNX) has shown signs of recovery. As of the latest update, SNX is trading at $1.98, with a market cap of $663.96 million. The 24-hour trading volume has adjusted to $32.37 million, indicating a 22.07% decrease from its peak after the Coinbase announcement.
Technical Analysis and Market Trends
The SNX/USDT 1-day price chart reveals a downtrend channel observed since April 2024, with the price recently hitting a low near $1.76. The relative strength index (RSI) stands at 32.54, suggesting potential oversold conditions for SNX. Currently, SNX is testing the resistance level at $2.00, which, if breached and sustained, could signal a reversal in the price trend.
SNX/USD 1-day price chart. Source: TradingView
Moreover, according to Fibonacci extension levels, SNX may find support around $1.76, with resistance levels projected at $2.38 and $2.58. Traders are closely monitoring these levels for indications of breakout opportunities or further declines in SNX’s price.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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