Sushi Swap Price Analysis: Sushi Price May See A Downtrend In The Upcoming Days

SUSHI bears may take down the price to the next support
  • SUSHI price has seen a negative cross in the moving average . In contrast, SUSHI has seen a loss of 4.95%
  • Sushi Swap  price has seen a gain of more than 200% from the start of the year.Mean while the technical indicators hints a consolidation for the price.

SUSHI  is currently ranked 66 with a market capitalization of $2,092,826,647.92.The coin volume also went up by 41% in the 24hrs. Volume to Market capitalization ratio for the coin is 0.81,hinting a bullish momentum. SUSHI price can see an uptrend in upcoming days.

Why To Invest In SUSHI ?

Sushi Swap is a hard fork of Uniswap and launched in September 2020. It has seen a ROI of 376% since then. SUSHI is an automated market maker. An increasingly popular tool among cryptocurrency users. AMMs are decentralized exchanges which use smart contracts to create markets for any given pair of tokens.The main audience for the coin is Defi Traders. It sets the liquidity between the two assets with the help of smart contracts. SUSHI price  has seen a tremendous gain since its launch. It can be more profitable in the future.

Technical Indicator Hints A Consolidation For SUSHI Price

Source: Trading view
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Sushi Swap weekly technical chart shows a bullish momentum for the coin. On the daily chart price has given a negative cross over in between the 50 and 100 Daily Moving Average. The 100 MA(Yellow ) line is at $15.7, making it temporary support for the price. While going on the downside, the coin can see a bounceback from $12. 

Meanwhile, the resistance for the coin on the upside is at $20. The coin is currently not showing momentum towards either side. If the price goes above $22, then one should expect a bullish momentum. SUSHI/BTC pair is currently performing positive due to the recent downfall of BTC.

RSI(Bullish): It is trailing at 58.45, highlighting its presence in the neutral zone. There is positive slope formation, showcasing that price can see an uptrend. The overall sentiment of the RSI is bullish .

Conclusion

Sushi Swap has proved itself an essential fork for Defi. SUSHI price has seen significant gains in the past and can continue that in the future. SUSHI/BTC pair can also see a bullish momentum. An investor should do their due diligence before investing.

Technical Levels

Major Support:$12

Major Resistance:$20

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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