Sushiswap Price Analysis: Claimed The Peak Of All-Time High

  • SushiSwap coin has made a new all-time high 
  • SushiSwap’s price is successfully sustaining at the new altitudes 
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Cryptocoin’s prices grew by 20 times in the last three months, helping the coin form a new high. The prices are still hovering at the levels and showing strength to grow further, but the volume has declined today, putting the coin in consolidation. The market cap and 24-hour volume of the coin are

$1,448,009,871 and $355,330,754 respectively. 

T-Junction For SushiSwap: Ascend Further Or Return To Support 

sushi
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Cryptocoin’s price took a breather this morning after making an all-time high of $13.82.The coin is still above 10 EMA($9.46), 20EMA($8.36) and 50EMA($5.97). However, the coin is currently receiving resistance from the VWAP at $12.88. Apart from this, the 100% Fibonacci retracement levels are also rendering support to the prices. If the prices fall from here, it might retrace to $9.86 levels(78.2%).

The coin’s volume suggests that there was a significant volume of trading today. The price range analysis indicates that the bulls are still buying the coin as the buy volume stands at 1.2 million against the selling volume of 222K. 

The Bollinger Bands are still expanding, gesticulating a further increase in volatility. However, the lower band is contracted compared to the expanded upper band, which points to a strong bull rally. The lower band and median(10EMA) support the prices at $9.46 and $5.6 respectively while the upper band has restricted the coin today at $13.34 levels. 

The RSI has made a double top with the 80 levels, which means that the prices might face resistance to escalate further. Support for the indicator lies at 57. 

The MACD(8,21,5) has also made an all-time high and divergence between the signal line and slow line. However, the signal line has not yet consolidated or rebound, which reduces the possibility of reversals. 

Conclusions – 

Sushi prices are at an all-time high and aren’t showing any signs of weakness yet, except the profit booking seen this morning. The indicator indicates the coin to be overbought, but the bulls aren’t squaring off the trades. The volume analysis suggests fresh buying coming up, which has successfully buttressed the prices at 100% Fibonacci levels. 

Support: $9.86(78% Fibonacci Levels), $9.45(10EMA) and $8.36(20EMA) 

Resistance:$12.86(VWAP), $13.3(Upper BB) and $15.58(127% Fibonacci Levels)

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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