Loopring (LRC) and SushiSwap (SUSHI) Technical Analysis: What to Expect?

Table of Contents

Loopring and SUSHI prices are firm. There are possibilities of LRC/USDT and SUSHI/USDT gliding to $0.90 and $23, respectively.

Loopring (LRC)

The Ethereum-based DeFi protocol allows projects to build DEXes on. On itself, Loopring also has a Layer-2 swapping platform that anchors on the LRC token.

Past Performance of LRC

As of writing, Loopring technical analysis looks up for the LRC token.

Trading at $0.80, it is up a massive 80 percent versus the USD. This is albeit prices ranging within a $0.45 zone with caps at $0.45—on the lower side—and $0.90—on the upside.

Meanwhile, LRC trading volumes are up 11x, lifting LRC/USDT higher, hinting at demand in lower time frames.Day-Ahead and What to ExpectLRC candlestick arrangements favor buyers in the medium to long term. At spot rates, every low could be a loading opportunity for discerning Loopring buyers.Notably, there is a conspicuous bull bar confirming the breakout above early May consolidation. This has seen LRC bulls reverse losses from April 18.

LRC/USDT Technical Analysis

The path of the least resistance is northwards, as LRC/USDT price action reveals.In the daily chart, LRC is trading within a bullish breakout pattern after May 11 gains. Today’s confirmation builds the ground for a trend continuation.Accordingly, every low may be a buying opportunity for aggressive buyers aiming at $0.90.A further breakout above the Q1 2021 trade range may pump LRC towards $1.3—the 1.618 Fibonacci extension level.

SushiSwap (SUSHI)SushiSwap is a swapping protocol using SUSHI as its governance token. It is a fork of Uniswap.Past Performance of SUSHIAt spot rates, SUSHI is changing hands at $17.SUSHI is posting double-digit gains versus BTC, ETH, and USD in an uptrend continuation of the last four months.Adding roughly 20 percent in the past 24 hours, buyers are squarely in charge.Reflecting this is a concurrent surge in participation. The average trading volume rose 58 percent to $1.3 billion.Day-Ahead and What to ExpectAfter deep corrections of March 2021, SUSHI/USDT is bottoming up as candlestick arrangements in the daily chart shows.SUSHI found support at the 61.8 percent Fibonacci retracement level, and trading volumes are picking up as bulls flow.

SUSHI/USDT Price Forecast

SUSHI technical analysis favor buyers.

Prices are back towards April highs, breaking above the consolidation of the past week.

Accordingly, every low may provide an opportunity for aggressive SUSHI traders to buy the dip.

The first target could be March 2021 highs of $23.

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest

Post comment

Your email address will not be published. Required fields are marked *