SushiSwap price entered a deep descending trend ever since it smashed the monthly highs above $5. No doubt the asset attempted to flip the bearish divergence multiple times but failed each time. The past couple of days witnessed a serious drain with the price as the asset plunged more than 16% for 2 consecutive times. However, without losing strength, the price quickly flipped and raised by more than 14% in just a couple of hours.
The SUSHI price at the press time is around $3,14 with a jump of nearly 10.43% compared to the previous day’s close. The trading volume is approaching $200 million as it is just down by 0.40% indicating a recovery. Yet the market capitalization has spiked by more than 10% recording levels very close to $400 million.
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The previous day’s economic turmoil caused the global crypto market cap to lose more than 11% of its value. And hence many assets including SUSHI plunged drastically by more than 20% mainly due to the FUD. However, the crypto space rebounded firmly to trade closer to its previous positions. But the Sushiswap price after a decent rise is undergoing a notable consolidation. The technicals suggest a bearish trend occurs shortly but the chart pattern suggests a huge breakout from the consolidation is around the corner.
|Short-Term||The SUSHI price after rallying more than 12% appears to have exhausted and hence may undergo a minor pullback in the next couple of hours|
|Mid-Term||Currently, price appears to be pretty much uncertain about the next move as the bears are slowly gaining back the control|
|Long-Term||SushiSwap in a bigger time frame is extremely bearish with the price continuing to discover newer support levels|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||52.4 / 29.5||Neutral / Sell|
|MACD(12,26)||-0.005 / -0.4||Sell / Sell|
|Average Directional Index(ADX)||32.6 / 45.2||Sell / Sell|
|Bull-Bear Power||0.03 / -1.0||Buy / Sell|
As the asset is attempting hard to recover from the recent losses, it appears that the bearish clouds have engulfed it. The reason being the SUSHI price is somewhat bullish currently but in the higher time frame is extremely bearish. The RSI did showcase some bullish divergence, but the STF is hovering along middle levels being uncertain of its next move. And hence the bull-bear power is a little bullish now but in the HTF both are extremely bearish.
On the other hand, The MACD in the higher time frame is bearish as the selling volume accumulates. And in the short time frame, the buying volume has eased considerably enabling the sellers to jump into action soon. Yet the ADX, which determines the strength of the rally, is bearish in both time frames indicating weakened strength of the rally.
The SUSHI price at the press time has crossed the 50-day MA levels in the short term and is attempting hard to maintain the gained positions. And hence after some accumulation, the asset may rise high to test the 200-day MA levels soon. Post to which the local resistance and MA levels in the HTF may be within the reach. Also, it has to be noted that the immediate support levels are not at much distinct and hence may be retested in case the bears dominate the rally. In such a scenario the price may continue to plunge and also test the lower support around $1.22.
|Average True Range(ATR)||0.0612||0.302|
The Stochastic Oscillator determines the average price in the stipulated time frame which is bullish in a short time frame, meaning above the average price. But showcase a converse opposite trend in the higher frame. On the other hand, the Ultimate Oscillator which considers the 7,14 & 28 days MA to determine the next move, is bullish in STF, hinting at a notable uptrend. But in the higher time frame, it’s extremely bearish.
On the other hand, the ATR indicates the asset is less volatile. And hence the SUSHI price may adopt a calculated approach to avoid extreme divergence on either of the directions. Yet the CCI which identifies the new trend or a change in the ongoing trend is extremely bearish in both time frames.
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