Loopring (LRC) and SushiSwap (SUSHI) Technical Analysis: What to Expect?
Crypto Guide
Live News

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

May 12, 2021      Dalmas Ngetich

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.

READ  Aave Testing Out Permissioned Pool for Institutional Investors

Meanwhile, LRC trading volumes are up 11x, lifting LRC/USDT higher, hinting at demand in lower time frames.

Day-Ahead and What to Expect

LRC 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

Loopring Price Daily Chart for May 12

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.

READ  Live from Ukraine Meetup w/ Giacomo Zucco

SushiSwap (SUSHI)

SushiSwap is a swapping protocol using SUSHI as its governance token. It is a fork of Uniswap.

Past Performance of SUSHI

At 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 Expect

After 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

SushiSwap Price Daily Chart for May 12

SUSHI technical analysis favor buyers.

READ  KingSwap Reaches $4 Million Transaction Volume in 3 Days

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.

#DeFi #Loopring #LRC/USDT #SUSHI/USDT #SushiSwap
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.