Connect with us

Analysis

XRP, Synthetix, SushiSwap Price Analysis: 07 December

Published

on

Source: Pixabay

XRP was in a phase of consolidation in the vicinity of $0.43. Synthetix clung on above $19.6 as bears tried to force prices lower. SushiSwap would need to defend the $12 region to avoid a drop to $10, and a successful bounce would likely see it reach above the previous highs at $16.

XRP

XRP, Synthetix, SushiSwap Price Analysis: 07 December

Source: XRP/USD on TradingView

The 1-hour charts showed that XRP was in a phase of consolidation after its surge to, and rejection from, $0.62. The trading volume was also very low, adding strength to the idea of consolidation.

The 100-period moving average (pink) can be expected to act as support, while the 20 and 50 SMA (white, yellow respectively) were in close proximity to indicate a lack of momentum.

The delisting of XRP on multiple exchanges saw its trading volume drop by 12% over the past quarter, according to reports. A high trading volume would be an early indication of the direction of the next move for XRP.

Synthetix [SNX]

XRP, Synthetix, SushiSwap Price Analysis: 07 December

Source: SNX/USDT on TradingView

The Parabolic SAR gave a sell signal, while the RSI made lower highs to indicate waning bullish momentum. The highlighted region from $18.8-$19.6 has served as a region of demand, but bearish pressure could see this region flipped to one of supply.

A drop beneath this region and its retest as one of supply would indicate another move to the downside for SNX. This would likely see the price test the $15.95-$16.4 region of demand over the next few days.

SushiSwap [SUSHI]

XRP, Synthetix, SushiSwap Price Analysis: 07 December

Source: SUSHI/USDT on TradingView

The MACD formed a bearish crossover and dived towards the zero line as bearish pressure set in over the past few days. Falling beneath the $12.2 mark will likely see SUSHI revisit the $10 region.

However, the price action formed an inverted and ascending scallop pattern, a bullish pattern. This pattern, if validated, would see SUSHI defend the $12-$12.2 region and rebound strongly to the upside on heavy trading volume. A breakout past the previous local top at $16 would confirm the pattern, setting a target of $18.3.

The long-term sentiment shows SUSHI as strongly bullish, backed by the OBV forming a series of higher lows that stretches back to late December.

Where to Invest?

Subscribe to our newsletter

Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.