SUSHI, SNX, and ALGO Record Gains As Markets Swing Bullish

SUSHI, SNX, and ALGO Record Gains As Markets Swing Bullish

September 10, 2020

Top gainers today across all crypto markets stay apparent in terms of achieving potential and market resilience. While Bitcoin endures the struggle to maintain its price above $10,000, Ethereum is busy testing the $400 price level again.

Defi tokens, being led into victory today by the likes of SUSHI and YFI are taking the lead amongst other crypto top gainers. These are altogether rebuilding the markets to a bullish trend as the bulls try a takeover.

Among this list of top gainers, SUSHI takes charge with around 31% as SNX and ALGO share gains.

#1. SushiSwap (SUSHI 31% Gain):

SUSHI makes the top position on today’s list of top gainers. Although, its price, within last week, was dangerously depressed due to an alleged exit scam purported by its creator. Recycling over two million in SUSHI tokens to ETH, the panic left SUSHI’s community in disarray.

As of now, the market attitude towards SUSHI is very cautious. With around 40% pessimism, traders believe the tokens may soon plummet into another bear market.

The token is only about 2 weeks old and has made around 60% loss since last week. No other timeframe exist except for lower daily in which the coin amazed around 31%.

SUSHI is now changing hands at $2.93 amid a market cap hovering around $250 million.

Technical Points

  • SUSHI overcame the resistance at $2.9 and is now testing the next resistance at $3.0
  • Next level of major support lies at $2.8 and $2.6 respectively.

#2. Synthetix Network Token (SNX 26.3% Gain):

SNX grabs second place in this wave of gainers’ list. The coin gains around 26.3%.

SNX obtained some loss within the week consistently. The coin dipped by 16.8% within the last 7 days. In the one-month timeframe, however, SNX earned 10.2% and still gains roughly 1,260% within the last year.

Technical Points

Prices spiked through the $4.6, $4.8 and $5.0 level comfortably. Building a string of support at 5.2, SNX established tough support at $5.0 level. With the immediate resistance at $5.5 the next key support lies at $5.2

  • Next key support at $5.2
  • Next key resistance at $5.5
  • RSI broke through the 70.0 level upwards. A little retracement to 50.0 is imminent.

#3. Algorand (ALGO 25.27% Gain):

ALGO comes third on our preference market watch list today having made gains equal to around 25%.

The coin conserves a small market acceptance among traders who realize ALGO may eventually leap and recoil some gains. It’s rise to fall possibility ratio is around 7:3

ALGO is gradually swinging into a favorable year. In the one year timeline, the coin is up by almost 15%. Although bearish in the past 7 days, ALGO suferred about 11.3% loss in the last month.

Currently trading at $0.41, ALGO’s market is entirely capped at $335.9 million amid exchange volumes around $233 million.

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