SushiSwap is bullish, breaking away as SUSHI/USDT buyers aim for $14. On the other hand, BAKE/USDT has support at around $1.5.
The SushiSwap platform is a Uniswap fork using SUSHI for governance.
After deep losses, SUSHI is edging higher reading from price action in the daily chart.
Notably, SUSHI prices are reversing from the 78.6 percent Fibonacci retracement level of the H1 2021 trade range.
As of writing, SUSHI is up eight percent versus the USD, gaining against the BTC and ETH following July 6 sharp expansion.
SUSHI/USDT prices are in a bullish breakout pattern, confirming gains of late June 2021.
The middle BB is beginning to slant positively, indicating demand build-up in lower time frames.
Accordingly, there could be an opportunity for SUSHI bulls to load on dips targeting $14 and later $23—key reaction points in the short to medium term.
SUSHI buyers are in control as per developments in the daily chart.
As bars align along the upper BB, aggressive SUSHI bulls may buy on dips, targeting $14.
In this arrangement, unexpected dips below $6 and the middle BB may squash bullish attempts as SUSHI turn around, syncing with losses of May 2021.
BAKE primes the BakerySwap ecosystem, which is on the Binance Smart Chain (BSC). The platform is a DEX.
BAKE/BUSD prices remain in a tight range, adding slightly five percent versus the USD on the last trading day.
Even with DeFi users' optimism, the 20-day moving average appears insurmountable for bulls.
As of writing, BAKE prices struggle below this liquidation line and noticeably boxed inside June 21 and 22 trade range in a range.
This place bears in charge, at least at spot rates, until a final close above $3.
The path of the least resistance remains southwards, and the middle BB is unbroken to the upside since May 2021.
There are pockets of weakness even as BAKE/BUSD prices flatten out inside the bear bars of June 21 and 22.
Traders can wait for a close above or below $3 and $1.5 before committing.
There are series of higher highs relative to the lower BB.
However, for trend continuation, BAKE bulls must close above local resistance at around $2.5 and even $3 for prices to satisfactorily bottom up.
BAKE bulls may find loading opportunities with hindsight that their prognosis would be wrong if $1.5 support fails.