Synapse price has experienced a notable price increase recently, indicating a bullish trend. The altcoin is currently hovering above $0.69, showing significant momentum and eyeing more gains. At the time of writing, Synapse price is trading at $0.7026, making a solid surge of more than 41.87% in the past 24 hours.
According to CoinMarketCap data, Synapse now ranks 267 by market cap, which has ascended by 42.10% to $126,619,802. Synapse’s 24-hour trading volume has spiked to $200,605,648, indicating robust trading activity and investor interest in this cryptocurrency.
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Synapse Price Surge By 40% More Gain Ahead?
In the past 24 hours, Synapse has seen a substantial increase in value, trading between a high of $0.7524 and a low of $0.5035. Over the past week, the cryptocurrency displayed a significant bullish trend, surging by 95.94%
Synapse (SYN) reached its all-time high (ATH) of $5.01 on October 24, 2021. Currently, it’s trading at an 86.11% decline from this peak. Its all-time low (ATL) was recorded at $0.267 on August 5, 2024, just 12 days ago. Since hitting its ATL, Synapse has seen a remarkable recovery, increasing by 160.81%.
Over the past month, SYN price has witnessed a dramatic surge of approximately 60%. The altcoin has rallied $0.28, climbing from a low of around $0.40 to above $0.68. This recent spike in value marks a significant turnaround from the previous downward trend, capturing the attention of investors and traders in the cryptocurrency market. Synapse price surge followed closely after Binance Futures introduced SYNUSDT Perpetual Contracts. This event marks a significant expansion in the trading capabilities of the major cryptocurrency exchange, Binance.
The concept of futures trading involves agreeing to buy or sell an underlying asset—such as commodities, securities, or cryptocurrencies—at a predetermined price at a future date. This type of contract allows participants to speculate on an asset’s potential rise or decline.
Binance Futures Impact: A New Era for Synapse Trading
Binance’s recent move to list the Synapse futures contract aims to provide its users with more diverse trading opportunities. This new offering began on August 16 at 12:30 pm UTC, with traders able to leverage up to 50 times their initial investment. The futures will be settled in USDT, adding a layer of flexibility for participants.
#Binance Futures will launch the USDⓈ-Margined $SYN Perpetual Contract at
🗓️ August 16, 12:30 (UTC)
Read more ➡️ https://t.co/lyMESCqPw6 pic.twitter.com/DFAZfDfDVG
— Binance Futures (@BinanceFutures) August 16, 2024
Recent trends in the cryptocurrency market suggest a positive outlook for Synapse, potentially pushing its value above the $0.7 mark. This development indicates a robust bullish momentum, aiming for a near-term target of $0.9. Synapse could approach the critical $1 resistance level if this trend continues.
Conversely, a shift toward bearish sentiment could see its value retract to the $0.65 support level. Persistent selling pressure may further drive the price down to $0.6, heralding a bearish market phase.
Technical Indicators: Bullish Signals Suggest an Upward Trajectory
The daily technical indicators for Synapse displayed a notable upward trajectory in the latest trading session. The Relative Strength Index (RSI) showed a sharp rise to 75.63, moving into the overbought territory.
The Moving Average Convergence Divergence (MACD) indicator echoed a positive sentiment. The MACD line crossed above the signal line, presenting a bullish signal. This crossover might encourage more investors to enter the market, anticipating further price increases.
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