Several cryptocurrencies have plunged over the last week as Bitcoin retraced. This week, however, the crypto space is rallying. The new market strength has seen Bitcoin moving from below $45K to about $48K. Ether (ETH) has been up 3% over the past 24 hours and is trading at $3,585.17.
SUSHI’s Prospects are Positive
However, DeFi blue chips are leading the bounce this time. SUSHI, DYDX, UMA, CRV, and SNX up 10% to 20% in the past 48 hours and over 30% in a week. The DeFi sector’s market cap has risen to $136.4 bln, while the TVL in the industry now stands at $180 bln. After six months, DeFi appears ready, although DEXs lag, to give its holders relief.
The SushiSwap price went from the brink of falling to the tip of romping upside down within 48 hours. Today, it is trading at $15.40. The price is 15.29% up from yesterday and 33.22% up from a week ago.
Consequently, following the wipeout last week, SUSHI struck down almost all of the losses it suffered. In addition, the price had regained the major shifting averages, and the four-month downtrend is near to being tested.
There are several supports that SUSHI has to maintain for an uptrend. The first is the $9.93 mark, and the 200-day moving average at $10.30. Also, the 100 at $11.06 and the 50 DMA at $11.47 are pointers. As long as the SushiSwap price remains above this confluent band of support, the prospects are positive.
CRV Buying Pressure is Up
CRV price action is forming continuous bullish enclosures on the daily technical chart. It indicates a higher buying pressure. With increased buying pressure, the price has risen above the $2.8 threshold.
The surge of intraday volume over 20-day MA volume is clear from the increase in purchasing pressure. In a bullish alignment, the daily EMAs also increase with a bullish rally projection.
The price trading CRV Token is currently at $3.30. It indicates a 5.10% increase in the past 24 hours. In the past week, the price has gone up 56%.showing the increasing purchasing pressure.
SNX Struggling Aiming for $20
As the Decentralized Finance Industry (DEFI) made a comeback, the Synthetix price soared to the highest level since May 22. The SNX coin is trading at $14.70 and is 185 percent higher than June’s lowest level. From a week ago, the price is 29.98% higher.
The daily chart indicates that demand for the coin has been growing over the past six days. So far, it has managed the $14.6947 resistance, which was the highest on August 21. Also, it moved above the 25-day and 50-day moving averages. Hence, the path of least resistance is the upside.
The Wezen Release, an upgrade for SNX, was released today. The new release will offer various features, such as reverse synthesizing and depreciating low-volume LI synths. In most circumstances, cryptocurrencies values tend to rise with a significant update. At the moment, SNX is aiming for the $20 mark.
Source: Read Full Article