SushiSwap (SUSHI) and bZx Protocol (BZRX) Technical Analysis: What to Expect?

Dalmas  |  Jun 17, 2021

The bZx Protocol and SushiSwap prices are relatively stable but under pressure. SUSHI/USDT may sink to $6.5 if bulls fail to break $10. On the flip side, a close above $0.40 could see BZRX/USDT rally to $1.

SushiSwap (SUSHI)

Behind the swapping protocol with differentiated products on the menu is SUSHI. The token is for governance, allowing users to vote on proposals.

Past Performance of SUSHI

In reflection of the overall state of the crypto and DeFi scene, SUSHI prices are under pressure week-to-date, ticking lower below the primary resistance line despite revival efforts in early June.

At the time of writing, SUSHI is stable versus the USD, posting losses over the last trading week.

Day-Ahead and What to Expect: SushiSwap

Provided SUSHI trades inside the bear bar—with a long lower wick of May 23—sellers have the upper hand.

The resistance to the upside is deflating for bulls.

If anything, SUSHI will remain under a bearish impression as long as prices trend below $10 and last week's highs.

SUSHI/USDT Technical Analysis

SushiSwap Price Daily Chart for June 17

Aforementioned, SUSHI sellers have the upper hand as per price action in the daily chart.

As long as prices range inside the bear bar of May 23, every high may provide a liquidating opportunity for sellers targeting $6.5—the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range.

On the flip side, a high-volume push above $10, and the middle BB could build enough momentum for the next leg up to $13 and $23 in a buy trend continuation pattern.

bZx Protocol

Besides trading, the platform offers incentivized yield farming. At the center of all activities within this protocol is the BZRX token.

Past Performance of BZRX

BZRX prices are around January 2021 lows, consolidating, as bulls fail to unwind losses of April and May 2021.

At the time of writing, there has been a contraction. BZRX prices are down, losing five percent versus the greenback.

On the positive side, a breakout above the middle BB would likely trigger demand reversing minor losses of the European session.

Day-Ahead and What to Expect

BZRX/USDT prices remain in range, recently breaking above the middle BB—pointing to growing bullish momentum.

Nonetheless, prices are capped at $0.40 and $0.25 in a directionless market skewed toward sellers.

BZRX/USDT Technical Analysis

BZRX Price Daily Chart for June 17

Sustained gains above the middle BB in confirmation of early June 2021 gains may trigger demand above $40.

Accordingly, risk-on traders may bank on demand, loading the dips targeting $0.40.

On the other hand, cautious traders can wait for a solid close above $0.40 before trading with the trend, aiming at $1.

Related News