The cryptocurrency market is highly volatile, SUSHI IS experiencing significant price movements in either direction. SUSHI appears to be in a bullish phase but the bears are trying to enter the trade and manipulate the market of SUSHI. The coin is following a downward trend. The decreasing price over the daily price chart indicates that the sellers are gaining a grip on the SUSHI.
At present, SushiSwap is being traded at $1.34, which reflects a decline of approximately 7.47% during the intraday trading session. The SUSHI/BTC pair is being traded at 0.00005821 BTC with a drop of around 4.94% in the last 24 hours. The price of SUSHI has approached its resistance level and then retreated, indicating weakening buying strength. The primary resistance level is around $1.4795, and if the bullish trend persists, the price may touch the secondary resistance level of approximately $1.5557. On the other hand, if the bears take over, the price may fall to the primary support level of approximately $1.2475. If the downward trend continues, it may lead to a price reversal, causing the price to reach the secondary support level of around $1.1575.
The volume of the coin decreased by approx 30.74% in the last 24 hours. The decrease in volume clearly shows that the selling pressure has increased. The daily moving average of 50 and 100 days have collapsed giving the negative cross. SUSHI is behind by the daily moving average of 20 and 200 days
Factors Driving the Price of SUSHI
The technical indicator shows the following: The MACD and MACD signal have intersected indicating the negative cross. The Relative Strength Index is returning from the overbought territory, approaching the oversold Zone. The RSI of the coin is moving closer to the oversold zone, the selling is getting stronger and the buyers are sitting still. The current value of RSI is 47.66 which is below the average RSI which is 52.87. This indicates that the sellers have taken over the trade of SUSHI
Conclusion
The current market of SUSHI is bearish. The bears are trying to enter the trade and they reversed the previous upward trend. SUSHI was under bullish dominance from the start of 2023. The current price of SUSHI is $1.34 and has lost 7.54% during the last intraday trading session.
Technical Levels
Support Levels: $1.2475 and $1.1575
Resistance Levels: $1.4795 and $1.5557
