SUSHI found buyers at a major support level but is currently testing another hurdle.
Can it clear this one and aim for the top of its range next?
As you can see from the 4-hour chart below, the floor around the $2.8115 level held, sending SUSHI up to the area of interest at the middle of its range.
SUSHI/USD: 4-hour
SUSHI/USD 4-hour Chart
If this support-turned-resistance level holds as a ceiling, another test of the range support could follow. After all, the 100 SMA is below the 200 SMA while Stochastic is indicating exhaustion among buyers.
Breaking higher, on the other hand, could allow SUSHI to set its sights on the next resistance around $3.5560 next.It’s worth noting that Sushi just launched the first phase of its Trident automated market maker on Polygon, which means that users can now create liquidity pools using the new framework.
Now this could make its competition with Uniswap heat up!
You see, Trident’s end goal is to consolidate various types of automated market makers into a single unified interface. This would standardize the way liquidity pools are created, which might be a gamechanger for the DEX.
Much like how ERC-20 standardized Ethereum tokens and made the network more efficient, Trident has an innovative IPool interface that establishes guidelines for liquidity pools. This can enable users to create concentrated and weighted liquidity pools, as well as hybrid pools to improve swapping between stablecoins.Of course the beta launch does not have all these features built in just yet, but it all looks promising for the Sushi ecosystem!
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