EOS, MATIC, SUSHI Price Analysis: 28 May

EOS faced an uphill struggle to reclaim the $7.76-level from the market’s sellers. MATIC could see additional dips towards $1.49 or even $1.2, before buyers step in. Finally, SUSHI was projected to break south from its rising wedge on the charts.
Source: EOS/USD, TradingView
EOS was rejected at the $7.76-resistance level and the 200-SMA (green) and saw southbound action on its 4-hour chart. The region between $5.7-6.2 was of importance as it clashed with the 50-SMA (yellow) and 20-SMA (red). Conceding this zone to the bears would likely cause an immediate 20% retracement to $4.95. Moreover, a break below $3.56 could even lead to a prolonged bear market.
A bearish crossover on the MACD would see it fall below equilibrium over the next few sessions. The movement registered by its histogram suggested that EOS’s jump from $3.56 to $7.76 lacked any conviction to trend in an upwards direction. With the OBV also maintaining a downwards trajectory, the dearth of buying pressure worked against a move above the 200-SMA (green) over the short term.
Source: MATIC/USD, TradingView
With a hike from $0.86 to $2.40 over the last five days, MATIC has become somewhat of a crypto-darling for investors looking to make steady profits even in a turbulent broader market. News surrounding MATIC’s network activity and more recently, Mark Cuban’s investment in the project, has certainly turned more eyes towards the ‘Ethereum Killer.’ Its year-to-date gains stood at an absorbing 10,000%.
Its movement, however, was not unresponsive to another dip in the broader market. On the 4-hour chart, MATIC broke below a sturdy support zone around $2 and moved south, at the time of writing. Another strong area of defensive lay between $1.49-1.79 as it also coincided with the 50-SMA.
In case of a further breakdown, buyers could step up between $1.2-1.26. The Awesome Oscillator pictured a series of red bars as selling pressure was building up. Finally, the RSI formed lower highs and confirmed MATIC’s price action.
SushiSwap [SUSHI]
Source: SUSHI/USD, TradingView
A rising wedge pattern on SUSHI’s 4-hour chart presented two scenarios going forward. A break above $13.7-14.6 could open the doors for a 20% hike at $17.25. Conversely, a fall below $10.5 could result in a sharper sell-off. With BTC struggling to break above $42K, bearish sentiment can be expected to remain persistent over the next few days, something that would impact SUSHI as well.
The MACD noted a bearish crossover and would likely remain below the half-line till buyers return to the market. A breakdown could be countered at the $6.48-support. On the plus side, Chaikin Money Flow highlighted healthy capital inflows towards the crypto-asset.

Source link

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...