0x and SushiSwap prices are flimsy. Still, ZRX/USDT and SUSHI/USDT traders are setting sight at $2 and $23, respectively, if bulls overcome key liquidation levels. SushiSwap (SUSHI) SUSHI is the in-house token of the AMM swapping protocol. A fork of Uniswap, the dApp has grown in stature to be one of the biggest DEX globally, rewarding users with higher yields. Past Performance of SUSHI The SUSHI price is bottoming up after slumping like other DeFi tokens. Nonetheless, SUSHI bulls are flowing back, offering support for the token. SUSHI prices are under pressure, losing eight percent with low trading volumes at around $446 million. Day-Ahead and What to Expect Losses of last week were particularly severe for SUSHI. From the SUSHI/USDT technical analysis, prices shrunk over 80 percent, finding support at $6.5 before sharply reversing. Still, a conclusive, high volume close above $15 and the middle BB may reinforce buyers anchoring on early this week’s bounce. SUSHI/USDT Technical Analysis The SUSHI uptrend is valid as long as prices trend above $6.5—the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range. Given the confirmation of the double-bar bullish reversal pattern of May 23 and 24, aggressive SUSHI traders can aim at March and May highs of $23. Leaning on caution, losses below $10 may trigger a sell-off forcing SUSHI back to January 2021 lows of around $2. 0x Protocol (ZRX) ZRX is behind one of the earliest token swapping DeFi protocols on Ethereum to list on Coinbase. Past Performance of ZRX Determined bears bog down the token, but there are flashes of strength. Still, this is not dismissing the fact that ZRX is under pressure, losing 10 percent on the last trading day. It is at around breakeven against ETH and BTC. Day-Ahead and What to Expect ZRX/USDT technical analysis indicates a possible buy trend continuation. From the daily chart, ZRX prices found support at $0.75—the 78.6 percent Fibonacci retracement level—a deep correction from Q1 2021 highs. At the same time, there is resistance after gains of the double-bar bullish reversal of May 23 and 24. Technically, ZRX/USDT prices are within May 19 bear bar—negative for ambitious bulls. ZRX/USDT Technical Analysis Trading volumes are down 14 percent to $106 million as ZRX bulls attempt to dig themselves out of bear pits. Still, ZRX/USDT prices are stuck within the May 19 bear bar, signaling weakness from an Effort-versus-Results perspective. Ideally, gains above $1.7 will dent sellers’ efforts. However, ZRX pulls must conclusively close above $1.15 to trigger low-level demand from risk-off traders aiming at $2. Unexpected losses below $0.75 nullify the uptrend.
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