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SushiSwap (SUSHI), Yearn Finance (YFI), and Ox (ZRX) Technical Analysis: What's Next?


cryptoknowmics.com 08 April 2021 13:09, UTC
Reading time: ~4 m

SushiSwap (SUSHI), Yearn Finance (YFI), and Ox (ZRX) prices, from their respective technical analysis, are in range except for YFI/USDT prices that are galloping ahead. A break above $2 may see ZRX hitting $3, while SUSHI remains bullish above $10.

SushiSwap (SUSHI)

In today’s SushiSwap technical analysis, we look at the performance of SUSHI—the governance token of the swapping and feature-rich swapping DeFi protocol. As per trackers, it has a TVL of over $4.1 billion.

Past Performance of SushiSwap

Syncing with the crypto market’s overall trend and mirroring other DeFi tokens, the SUSHI price is down on the last trading day but relatively stable in the past week of trading.

This stability is reflected by the tight trade range SUSHI/USDT is confined between $13 and $15 on the last day of trading.

The good news for traders is the rise of trading volumes, which rose roughly eight percent to over $386 million.

Day-Ahead and Tomorrow: SUSHI

The SUSHI price is trading at $14, below the middle BB, in a larger bear breakout pattern from Feb 2021 highs.

From the SUSHI candlestick arrangement in the daily chart, bears appear to be in charge as SUSHI/USDT oscillates within a bull flag. Technically, the SUSHI price is trading within a bear breakout pattern following steep losses of late Feb 2021.

However, volatility is low as BB contracts narrowing. On the brighter side, the consolidation of prices on the last day inside the bull bar of Mar 26 is supportive may be supportive of bulls.

SUSHI Technical Analysis

In the short term, sellers are in control.

SUSHI/USDT prices are in consolidation with lighter trading volumes. Since prices are confined into a broader bull flag and inside Mar 26 bar, buyers stand a chance in the current state of bear pressure.

Prices may find support at $10, the bear target. On the reverse side, a break above $16 – may spark demand, thrusting SUSHI back to Feb 2021 highs of $23.

Yearn Finance (YFI)

After a resoundingly bullish 2021, traders are back checking YFI prices.

Yearn Finance is an ecosystem made up of many moving components. The YFI token primes this system.

Past Performance of Yearn Finance

Judging from candlestick arrangements and Yearn Finance technical analysis, bulls are back in control.

From the daily chart, the YFI price is within a wider $38.3k and $45.5k trade range, with a renewed interest from the trading community.

Average volumes on the last trading day rose 25 percent to over $19.5 million.

Day-Ahead and Tomorrow

The YFI is presently trading at $44.7k, adding nine percent against the USD. Impressively, it is up double-digits versus BTC and ETH, adding a ballpark 13 percent.

YFI bull bars are banding along the upper BB as BB begins to diverge, pointing to increased volatility and momentum.

Technically, the YFI/USDT price is within a bullish breakout pattern following the close above Mar 2021 highs at $40.2k.

With bulls waving higher, attempting to shake off sellers of late Feb 2021, the odds of YFI prices printing a new high is elevated.

YFI/USDT Technical Analysis

YFI bulls are in control, according to the candlestick arrangement in the daily chart.

In a breakout pattern and increasing volumes, traders can load the dips, aiming for $52k in the medium –term. This is Feb 2021 highs.

Every pullback of YFI/USDT prices also provides an opportunity, provided prices are above $52k. Any sharp loss below this mark could swing prices in favor of bears.

Ox (ZRX)

The Ox Protocol is one of the earliest DEXes, enabling trustless swapping of ERC-20 tokens. Its native token is ZRX and is one of the most liquid with an initial listing on Coinbase.

Past Performance of Ox

The ZRX price is steady but under immense sell pressure and may cave unless bulls step in. ZRX/USDT prices are within a $0.20 range with caps at $1.59 and $1.79.

Besides, trading volumes are also low, dropping eight percent to $319 million on the last trading day.

Day-Ahead and Tomorrow

The ZRX price is trading at $1.76, stable on the last day but losing four percent in the past week of trading.

ZRX/USD technical analysis of the token’s candlestick arrangement point to bears. Although prices are range-bound, sellers are in control, oscillating inside the conspicuous sell bar of Apr 3, which was also confirmed on Apr 7.

Price action seems to be balancing the over-valuation of Apr 2 with the follow-through 3-bar reversal pattern a confirmation.

ZRX/USDT Technical Analysis

ZRX sellers appear in control. However, prices are mainly in range inside Apr 3 bar.

Immediate support is the 20-day moving average and $1.6. Losses open up the ZRX/USDT price to $1.1.

On the reverse side, gains above Apr highs of $2 may see the ZRX price tear to new 2021 highs of $3—the 1.618 Fibonacci extension level of the Q1 2021 trade range.

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