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- 1 SUSHI’s crypto price is in the bearish mode, down by almost 15% in a week.
- 2 SUSHI crypto price is in the bear’s hold heading in the negative direction.
SushiSwap operates as a decentralized finance (DeFi) ecosystem, offering services like a decentralized exchange (DEX), yield farming, liquidity pools, and staking mechanisms. It’s built atop the Ethereum blockchain and strives to interconnect decentralized markets and financial tools.
The platform’s proprietary token, $SUSHI, serves dual purposes: as a utility and governance token. It rewards liquidity providers and grants governance rights to its holders. Liquidity contributors or stakers can earn $SUSHI tokens. Additionally, SushiSwap utilizes a fraction of its trading fees to repurchase $SUSHI, which is then redistributed to token stakers, thus encouraging long-term holding.
Technical Analysis Of Sushi Crypto Price
On the daily technical charts, the SUSHI price is stuck in between 50 and 200-day EMA levels and does not signal an upcoming rise because of low volume levels. Moreover, key indicators are still in the neutral range and do not signal bullishness.
The RSI curve is near 42.80, in the neutral range, and showed a consolidation move in the short-term time period.
The MACD indicator still showed red bars on the histogram with a bearish crossover but did not signal any substantial upswing.
SUSHI Crypto Volume vs Price Analysis
According to the graph, the trading volume rose consistently last month, while the price has been experiencing selling pressure. In the past few weeks, the trading volume has dropped from $126.03 Million to $18.97 Million. If this trend continues, it could harm the price.
SUSHI price is down by 12% over the past 7 days, whereas according to the price action, the crypto price continues to move in the bear’s influence. Sellers are trying to pull SUSHI crypto prices toward the lower trendline. SUSHI must attract buyers in order to surge toward the upper trendline. Investors in SUSHI crypto need to wait for any directional change over the daily time frame chart.
SUSHI’s price was $1.6028 with an intraday gain of 1.40% with a market cap of 378.26 Million.
Summary
The daily time frame chart of the SUSHI cryptocurrency shows a dropping trend according to the price projection from the upper level. For the cryptocurrency to rebound and reach $2.00 and eventually $2.200, it must draw buyers. Moreover, the price of SUSHI has decreased by almost 20% over the past weeks. Technical indications point to the price of cryptocurrency being in a downturn. Investors in injective cryptocurrency must watch the daily time frame chart for any directional changes.
Technical Levels
Support Level: $1.5005
Resistance Level: $2.000
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
