Crypto Technical Analysis

SushiSwap Technical Analysis: SUSHI Price Primed For 12% Plunge! What’s Next?

SushiSwap Technical Analysis: Bulls Are Gearing Up, Will SUSHI Price go to Moon?

Key Takeaways:

  • SushiSwap closed the previous day’s close at $3.14 with a market capitalization of $377.24 million and a circulating supply of 127,244,443 SUSHI 
  • The SUSHI price flipped the bearish trend with a gigantic rise, yet still feared to lose the gained value as the asset approaches the day’s close
  • Yet the patterns suggests the price is due for a massive breakout which may uplift the asset above the danger zone

SushiSwap Technical-Analysis for Today: 24 February 2022

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

Additional Read: Ukraine-Russia Crisis: Impact on Crypto Investors

SushiSwap(SUSHI)/USDT Technical Analysis at a Glance

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 & Pivot Levels

Technical Indicators

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. 

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 $3.16 $4.82
Moving Average(MA)-200 $3.59 $8.18
Resistance $3.9 $10.11
Support $2.7 $1.22

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

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 70.6 32.9
Ultimate Oscillator 58.5 41.2
Average True Range(ATR) 0.0612 0.302
CCI -21.988 -130.6

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. 

SUSHI /USDT Technical-Analysis for Short-Term

Source: Tradingview

  • The SUSHI price is currently consolidating within a pennant of the bullish flag pattern, which indicates a 10% breakout initially 
  • However, to trade comfortably above the danger zone the price needs to hit the upper strong resistance at $3.922
  • The trading volume has also showcased some strength and hence a notable breakout may be fast approaching
  • Sushiswpa price had earlier encountered a similar situation but failed to surge high only due to the external turmoil. But with the current trend, a breakout appears to be imminent

Additional Read: Top 3 Crypto News Today, 25 February 2022.

SUSHI/USDT Technical-Analysis for Long-Term

Source: Tradingview

  • The SUSHI price ever since raised high to end the 2021 yearly trade on a bullish note, slipped into a deep bearish well which extracted more than 70% of its value 
  • However, contracting the resistance and support levels over time, the SUSHI price is ranging within a falling wedge which indicates the asset is making its final downward move and ready for a take-off
  • The consolidation period appears to end very soon, and the upcoming flip may escort the price to as high as $7 very soon
  • Yet the technicals show some signs of a bearish trend, however, it may be for a very short period.

Additional Reads: Uniswap vs Pancake Swap Comparative Analysis

Where & How to Buy SushiSwap (SUSHI coin)

Investing in SushiSwap token or any of the DeFis or NFT is extremely simple on CoinDCX. Besides offering a huge range of crypto assets, we offer lucrative in-App benefits with the smooth trading option, multiple tools for better decision making at a very affordable price. To start your trading journey with CoinDCX, just follow the 3 simple steps,

  • Download the CoinDCX App on your smartphone
  • Enter the required details, like your name, Mobile number, bank account details, etc
  • On verification, just fund your wallet and purchase your desired cryptocurrency 

Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information, or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment, or tax advice by the reader. The calculations, data, risk-return formulations, performance, or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors, or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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