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SushiSwap Price Analysis: SUSHI above $10.064 support level, lower prices to follow?

Sushiswap price analysis

TL;DR Breakdown

  • Sushiswap price analysis is bearish for today, down by 5.06%.
  • SUSHI has found the nearest resistance at $10.86.
  • The support lies near the $10.064 price and another at $9.55.

Sushiswap price analysis suggests a bearish outcome for today, as the coin is failed to break the resistance at $10.86. The nearest support can be found at $10.064, and if this doesn’t hold, lower prices will follow. Another support can be found at $9.55.

The data by Coinmarketcap suggests that the one-day trading volume is up by 4.04%. Furthermore, the market cap of the currency has dropped by 6.99%. This is because the bulls were unable to break the resistance, which was followed by a bearish reversal.

Sushiswap price movement in the recent period

Sushiswap has remained bearish in the past week. Compared to the week before, the price is down by more than 4 percent. If the price movement acquired a bullish outlook, we could see a greenish weekly close for SUSHI/USDT.

Sushiswap price analysis, considering the data from the past few days, suggests that the buyers are gradually increasing than the sellers. On the last day of a bearish September, we saw a price rally of 6.82%. The month of October began with a price surge of 6.61% on 1st October. Overall, it seems that we might close our monthly candle in a bullish phase.

Sushiswap price analysis: Technical indicators are turning bullish on the 1-day chart

The price action failed to break out from the upper end of the Bollinger Bands. This brought the price down on the 1-day chart. Now, looking at the chart below, we can witness that gradually, the bulls are taking the price movement towards the upper end of the Bollinger Bands.

Considering the position of the key Moving Averages, i.e., the 50-day and 100-day Moving Averages, we can see that the bulls captured the 100-day Moving Average. According to our Sushiswap price analysis, the next major movement will be to capture the 50-day Moving Average.

Sushiswap price analysis
Sushiswap price analysis on the 1-day Chart by TradingView

According to our Sushiswap price analysis, the RSI indicator still lies in the bearish zone. The current value of RSI on the 1-day chart is slightly lower than 50. This means that we have a long way to go despite the bullish growth we saw in the past few days.

Considering the MACD indicator, the MACD line or the blue line just passed the signal line. This phenomenon is called a bullish divergence on the daily chart, and we will see a bullish outburst in the SUSHI/USDT chart soon.

SushiSwap Price Analysis: SUSHI above $10.064 support level, lower prices to follow? 1
Sushiswap price analysis on the 1-day Chart by TradingView

Sushiswap price analysis: Conclusion

The Sushiswap price analysis can be concluded on a bearish note for today. Although considering the market movement this past week, we can say that the next few days will be quite crucial for the crypto world.

Bitcoin (BTC) is ready to make its move above the 50K USD price level, and when it does, there are chances of seeing new all-time highs in the altcoin market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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