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Sushiswap (SUSHI) Price Prediction : Sushi token reclaim $1.000 and gets ready for a massive move

  • Sushiswap crypto price recovered 38% approx form the recent lows at $0.905 and reclaimed 50 day EMA
  • Sushi token price bounced back from the long term demand zone and marching towards the supply zone of $1.500
  • Sushiswap token price technical indicators are turning bullish but RSI entered the overbought territories.

Sushiswap crypto price is trading with bullish cues and bulls have succeeded to hold the prices above 50 day EMA which shows the signs of short term bullish trend reversal but the confirmation is still awaited.Currently, The pair of SUSHI/USDT is trading at $1.288 with the intraday gains of 6.88% and 24 hour volume to market cap ratio stood at 0.5304

Sushi token showing signs of bullish trend reversal ?

Source :  SUSHI/USDT daily chart by Tradingview

On a daily time frame, Sushi token price had been quite stable and reversing upside from its long term demand zone at $0.800 while forming higher high candles. In the end of November, bulls once attempted to break out of the $1.500 hurdle level but unfortunately prices were unable to hold the higher levels and lost all its previous gains.

Recently, In January, Sushi token prices took support near the long term demand zone at $0.800 and reversed upside with the positive momentum which shows that the responsive buyers are active at lower levels. Surprisingly, the bulls succeeded in reclaiming the 50 day EMA (yellow) and marching towards the supply zone at $1.500 level and if buyers took control over the supply zone then the prices may see more upward momentum towards $2.000 level in a short span of time.

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Sushiswap token technicals are turning bullish and investors are gaining the confidence back but if any minor corrections trigger from the higher levels, $1.000 will be acting as a savior for bullish investors. The MACD has generated positive crossover and the average line is trying to breakout of the zero line indicates bullish momentum may continue in coming days whereas the RSI above 70 denotes overbought levels.

Summary

Sushiswap token price is showing initial signs of reversal but the confirmation will come when bulls will be able to break out of $1.500 hurdle level. The technical analysis suggests that the prices are in a positive momentum and any minor corrections will provide an opportunity for investors to accumulate at lower levels. Therefore, aggressive traders might look for buying opportunities for the target of $1.500 and above levels by keeping $0.900 as SL. However if prices drop below $0.800 bulls will lose their dominance on the long term demand zone.

Technical levels

Resistance levels : $1.500 and $2.001

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Support levels : $1.000 and $0.800

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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