SushiSwap Price Analysis: $15.25 Resistance Reached, What’s In Store Now?

Sushiswap Price Rallying Perpetually, Testing The Next Hurdle
  • SushiSwap price made a cup-like pattern on the chart which managed to break through the last all-time high of $12.38  
  • SushiSwap price has reached at the next immediate Fibonacci Level of $15.25

SushiSwap price has surged further by breaking the resistance imposed by the all-time high of $12.38. After surging the coin is facing resistance from $15.58, i.e. 127.2% levels. The volume also suggests that the buying pressure declined, as the prices approached the new resistance. The market cap and 24-hour volume are $1,974,518,678 and $325,261,462 respectively. 

Sushiswap Price Rallying Perpetually, Testing The Next Hurdle

Sushiswap price is moving in an upward direction perpetually, smashing each resistance step by step. The prices are observing a decline in buying pressure since the prices are approaching a crucial Fibonacci level of 127.2%. 

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The price is currently above 10EMA($10.836), 20EMA($9.55) and 50EMA($6.66), which signals bullish momentum. The prices are receiving an intraday support at $15.03 by the VWAP. 

The Bollinger Bands support unlimited upside as the upper Bollinger band continues to move upwards while the lower Bollinger band is consolidated. Such patterns point out to surging buying pressure as against the consolidated low selling volume. 

The price range volume analysis indicates that the current price levels have higher buying volume than the selling pressure, suggesting that bulls are not done with the trade. However, the volumes are in the declining trend, which increases the possibility of reversals. 

The RSI is at its high, 79.22(overbought zone). Bulls need to be cautious of this indicator. 

The MACD(8,21,5) is continuously moving up a post, giving the buy signal to the bulls. The surge in prices brought a wide gap between the signal line and slow line, resulting in a divergence once the price starts consolidating. Divergence needs to be taken care of, at such overbought ones. 

Conclusion – 

Sushiswap price is receiving resistance currently from a Fibonacci level which is further accompanied by a decline in volume and RSI’s overbought territory. One may expect profit booking in such circumstances. 

Support: VWAP($15), 10EMA($10.83), 20EMA($9.54) and 50EMA($6.66)

Resistance: Fibonacci levels($15.57 and $17.26) and Upper BB($16.18)

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Kartik Dhankani
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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