- Indicators suggesting SUSHI price in bear’s territory, holders might panic sell.
- SUSHI price might fall if it fails to hold the immediate support suggested by the Fibonacci indicator.
- SUSHI/BTC is trading at 0.0001773 BTC with an intraday change of -1.56% while SUSHI/ETH is trading at 0.00285200 ETH with an intraday change of -2.19%.
Sushiswap price is currently trading below all the significant 50,100 and 200 day moving averages. The price most recently breached the 100 day moving average which acted as support. This will question the strength of the bulls and if the price continues to stay below all the mentioned moving averages, we might see the price fall further.
The relative strength index (RSI) is also indicating a bearish momentum. The RSI line is below the normal zone and is sliding downwards. This might lead to more selling thereby moving the price of Sushiswap down.
The moving average convergence divergence is also referring to a bearish momentum. Both the signal line and MACD line are below the zero line and the macd line is very close to crossing the signal line from upwards and if it happens we might witness a dump in the Sushiswap price.
The Fibonacci indicator is suggesting an immediate support at the $9.440 price level and if the price breaches this level, the $8.151 and $6.067 price levels will come into play. The resistance levels indicated by Fibonacci are $10.482, $11.524 and $13.
NOTE: The Moving Averages 50, 100 and 200 are in colour Yellow, White and Red.
The MACD line is coloured blue and the signal line is colured Red.
The important support and resistance levels to keep an eye on are:
SUPPORT: $9.440, $8.151 and $6.067
RESISTANCE: $10.482, $11.524 and $13.
TAKEAWAY: If the Price fails to hold the immediate critical support of $9.44 suggested by the fibonacci we might see Sushiswap price fall further and the buyers will seem cautious here as all the indicators mentioned above are favouring the bears.