cryptoknowmics.com
SushiSwap and Tron prices remain in an uptrend after ball-park 75 percent dips. TRX/USDT primary support is at $0.05, while SUSHI/USDT is likely to print above $10.
SushiSwap (SUSHI)
The Uniswap-hard fork SushiSwap is one of the most actively used swapping protocols in Ethereum, offering various menus. SUSHI is the platform’s governance token.
Past Performance of SUSHI
At the time of writing, the token is stable on the last day, adding 15 percent against the greenback in the previous trading week.
SUSHI found support at the 78.6 percent Fibonacci retracement level of the H1 2021 trade range.
It nonetheless is struggling to satisfactorily close above the middle BB in a buy trend continuation pattern.
Day-Ahead and what to Expect
There is a market-wide recovery in crypto, and SUSHI appears to be one of those beneficiaries.
Although support lies at around $5, the bounce from the vital reaction point with rising trading volumes may be the impetus for a close above $10 as bulls target 2021 peaks.
SUSHI/USDT Technical Analysis
SUSHI bulls are in the driving seat.
However, for losses of May and June, a close above the middle BB would re-align price action in favor of bulls.
From the daily chart, SUSHI bulls may find loading opportunities in lower time frames.
Risk-on buyers can target $23.
On the other side, risk-averse traders can wait for a decent, high-volume close above the liquidation line to buy the dips aiming for $23 for SUSHI.
Tron (TRX)
The Justin Sun-led smart contracting platform Tron competes with Ethereum. In addition, it has a well-developed gaming ecosystem using TRX.
Past Performance of TRX
Mirroring the state of crypto, TRX slumped over 75 percent to around spot rates.
Nevertheless, the uptrend is still valid as prices bottom up, per candlestick arrangements in the daily chart.
Presently, TRX is relatively stable, losing three percent against the USD as prices oscillate below the middle BB.
Day-Ahead and what to Expect
The middle BB is still the primary liquidation line.
From mid-May, TRX prices retested the flexible line but didn’t overcome the selling pressure.
Prices are now flattening out with support at around $0.05.
Ideally, a close above $0.09 and the 20-day moving average may catalyze participation in a wave of demand that may see TRX tear up to $0.17.
TRX/USDT Technical Analysis
The uptrend is valid as TRX/USDT reversed from the 78.6 percent Fibonacci retracement line in a double-bar bullish reversal pattern.
A close above $0.09 will trigger buying pressure where TRX bulls can aim for $0.17.
However, if TRX prices print lower lows, sellers can short on pullbacks in sync with the price action of the last six weeks. Their primary target lies at $0.05.