SushiSwap (SUSHI) and Synthetix (SNX) Technical Analysis: What to Expect?
Table of contents
SushiSwap (SUSHI)
The AMM platform was an improvement of Uniswap using SUSHI for governance. As of writing, the protocol supports over 20 wallets.
Past Performance of SUSHI
From the daily chart, SUSHI prices are flat-lining, inside a $5 zone with caps at $5 and $10, respectively.
After the losses of May through June, the stabilization of July could be the foundation for higher highs.
Presently, SUSHI is up six percent, building on August 4 gains, inching towards the primary resistance at $10.
Day-Ahead and What to Expect
Technical candlestick arrangements point to buyers.
Although the odds of SUSHI/USDT prices closing above $10 are elevated, prices are mainly in range as BB constricts, evident in the daily chart.
The resilience of SUSHI bulls and higher highs above the middle BB may embolden buyers aiming for $10 and $23 in the medium term.
SUSHI/USDT Technical Analysis
The upside is clear, and buyers are in control.
Aggressive SUSHI bulls may find loading opportunities in smaller time frames, targeting $10.
A high volume close above this mark opens up SUSHI for $23—in a buy trend continuation—in the medium term.
On the flip side, losses below the middle BB and $7.5 nullify the uptrend.
Synthetix (SNX)
The protocol locks over $1.8 billion of assets and is one of the most liquid derivatives trading platforms in Ethereum. SNX is the protocol's governance token.
Past Performance of SNX
There are series of higher highs in the daily chart, a reason bullish for SNX prices.
SNX is up roughly ten percent against the greenback at spot rates, even though prices are within a tight trade range.
Support remains at around $8.5—the 61.8 percent Fibonacci retracement level of the July 2021 trade range.
Day-Ahead and What to Expect
Aforementioned, SNX/USDT prices are in range with caps at $10.5 to the upside.
A defined support at $8.5 and optimistic traders appear to fan demand, and possible a breach as SNX/USDT expands towards $14.
On the flip side, $7 is the short-term bear target if SNX prices dump.
SNX/USDT Technical Analysis
Overly, SNX bulls stand a chance.
Accordingly, SNX/USDT traders may search entries, building upon August 4 gains, targeting $14 in the immediate term.
A close above this week's highs at $10.5 will fuel demand, accelerating the lift-off.
Meanwhile, losses below $8.5 would prove slippery for optimistic buyers.
