© Reuters. SUSHI, UNI, EGLD – Technical analysis
This BeInCrypto article will introduce the technical analysis of SushiSwap (SUSHI), Uniswap (UNI) and Elrond (EGLD).
In the channel that SUSHI was in after having rejected it at its bottom, it has turned into a large depreciation generating support above 10 USDT.
However, thanks to the fact that in the last hours it has generated a good bullish divergence in the MACD in 4 hours, it has been able to recover this accumulation channel.
For a bullish scenario, we should test the dynamic support that we are generating at the moment on the zone of 12 USDT, so that it gives us an initial target of 13.8 USDT, since it is the zone and strongest resistance that we have at the moment.
The indicators do not show any bearish divergence at the moment, not to think about it.
For a bearish scenario, as usual, this movement should be accompanied by an aggressive movement of the market, as has been occurring in the last week, so this movement should not be ruled out if it rejects the area of 47 thousand USDT again.
If the upward movement ends at this point, it would also check a slight bearish divergence that the price-indicator is forming. And this downward movement could lead him to test the 10 USDT zone.
UNI was respecting an accumulation channel after last week’s market crash, which as we can see at the moment, it is managing to overcome with a very good volume and also approaching the local resistance of the EMA of 26 USDT.
To observe a bullish movement, the price should validate the resistance, as support that has broken.
That is, a retracement to gain momentum, we usually have these movements when we break a certain resistance, in addition we have the 50 period EMA as support and it has not been tested or touched after this break to the upside.
For a bearish scenario, the price should have a false breakout above the current zone and also generate a large rejection, so it should again return to its accumulation zone above 21.5 to 24 USDT.
With this to corroborate the small divergence that is making in the MACD of 4 hours.
The price is in ATH or historical highs, in addition to that in the last week it has been very parabolic, so it would not be a good recommendation to look for tickets over this area, due to the current area, if you are looking for longs, it would be recommended to do them on the 245 USDT area.
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