Analytics

SushiSwap (SUSHI) and Synthetix (SNX) Technical Analysis: What to Expect?

SNX and SUSHI are trending near critical support levels. If anything, SNX/USDT may slide to $7 while SUSHI/USDT could crater to $6.5 if bears step up.

SushiSwap (SUSHI)

The DEX is a fork of Uniswap, adding more features and differentiating the protocol, SushiSwap. SUSHI is the platform’s governance token.

Past Performance of SUSHI

SUSHI is now stable, recovering after losing 17 percent on the last trading day. Still, it is trailing the BTC and ETH.

Meanwhile, trading volumes are down 17 percent to around $310 million

The sell-off, as a result, is steepening the negative gradient, bending price action in favor of bears after extended periods of consolidation.

Day-Ahead and What to Expect: SushiSwap

Albeit the sell-off, June 8 bar ended with a long lower wick, suggesting demand in lower time frames.

Even so, traders are cautious, playing safe in the meantime.

Accordingly, while SUSHI losses are profound, confirmation of yesterday’s bear bar may see SUSHI bears flow back, quashing any attempts of bulls.

SUSHI/USDT Technical Analysis

Provided SUSHI prices are trending below the middle BB.

Every high may be an opportunity to liquidate for aggressive traders targeting $6.5 more so if $10 fails.

However, if SUSHI/USDT edge past $13 and the middle BB, chances of prices floating towards H1 2021 highs of $23 will be elevated.

Synthetix (SNX)

Behind the SNX token is a DEX and a synthetics trading platform, Synthetix. The creators of the project plan to adopt Optimism, a layer-2 solution to relieve fluctuating gas fees.

Past Performance of SNX

Presently, SNX remains largely in range and inside price action of the second half of May 2021.

SNX is now stable after sinking 15 percent on June 8 on the back of high trading volumes at around $88 million.

Day-Ahead and What to Expect

SNX/USDT technical analysis shows that the token is trading within a bear breakout pattern.

Accordingly, SNX prices are pinned below the middle BB, reflecting general market weakness.

The immediate resistance lies at $14, while $10 is the main support level.

SNX/USDT Technical Analysis

SNX prices, depending on their reaction at $10, may either recover or make a turn for the worse.

As such, the best strategy, in light of SNX/USDT price action, is to play safe.

If anything, gains above $14 and the middle BB may jump-start demand, driving SNX towards H2 2021 highs.

On the other hand, traders can ride the sell-off with targets at $7 if there is a high-volume close below $10—the May 2021 lows.

   

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