Sushi Swap Price Analysis: This Could Be The End Of Bull Rally

  • SUSHI’s price went down by just 0.95% despite a huge downtrend in Bitcoin. It is currently trailing at $19.38
  • Sushi Swap price jumped more than 200% in just three months. Meanwhile, the technical indicators suggest a strong downtrend.

SUSHI  has a market capitalization of $4,474,500,251 and is currently ranked 52 in the CMC. The volume of the Sushi Swap went up by 87% in the 24 hours. The Volume to Market capitalization ratio for the coin is 0.99, suggesting an uptrend for the price. As per the ratio, a strong uptrend can be seen in the SUSHI price.

Why Invest In Sushi Swap?

Sushi Swap is a fork of Uniswap and is currently one of the prominent projects in Defi. The price of SUSHI has seen a jump from $0.37 to a high of $27. SUSHI is also known as an automated money maker, which makes it popular in the Defi sector. AMMs uses smart contracts for creating markets for any given pair of coin and act as Decentralized exchange. The users of Sushi swap are mainly Defi traders. It is used for setting up the liquidity between two assets. SUSHI price can see a huge jump with the increase in Defi.

Technical Indicator Suggests A Down Trend For The SUSHI Price

Source: Trading view
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The weekly technical chart of the SUSHI shows a weak bullish momentum. On the daily chart, the price is taking support from the 100 Daily Moving Average. The 100 MA(Yellow ) line is at $16.033, acting as a major bounceback level. If the price breaks $16, then a bounce back from $12 can be expected.

Resistance on the upside for the coin can be expected from $24. The coin is currently on a downtrend with a projection to lower levels. If the price sustains above $20, then one can expect a strong uptrend. SUSHI/BTC pair is presently on an uptrend due to the recent downfall of BTC.

RSI (Bearish): It is trailing at 58.37, highlighting its presence in the overbought zone. There is negative slope formation, which showcases a possibility of a downtrend. The overall sentiment of the RSI is bearish.

Conclusion

Sushi Swap is one of the most popular coins in the Defi sector. SUSHI price can observe a strong surge in the buying volume. SUSHI/BTC pair can also break the previous resistance in the past. 

Technical Levels

Major Support:$16

Major Resistance:$24

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Abhiruk Bhattacharyyahttp://www.thecoinrepublic.com
Abhiruk Bhattacharyya is a mass communications professional who has worked in the field for over 5 years. Aside from being a writer, he has a keen interest in exploring the world of blockchain tech and believes it to be a potential game-changer in the global economy. In his spare time, he can be found either reading books or drinking coffee until he has written his daily quota of words.

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