- Sushi Swap price looks inside an upward parallel channel on the daily price scale.
- SUSHI price moved towards the 60-day control point as per the VRVP indicator.
- Last night’s trading volume dropped from 14% to $67 million.
Sushiswap token is trading near its all-time low, which is not too far from current levels. Short-sellers have dominated the altcoin’s price since the high of $23.3 where buyers lost nearly 95% of costs amid the downtrend. The price shows a slight bullish bias near the support level, but some hidden facts may hinder further growth.
Recently, the SUSHI token marked an 18-months low of $0.859 mark on 18 June. June 18 has become a trend-changing session for the bulls. As a result, the price of the asset is moving higher with a high-low formation on the daily price scale and has recovered almost 50% over the past 25 days.
Since it is at an all-time low, the SushiSwap price is trading inside an ascending parallel channel. Meanwhile, the price reversed pattern’s support line while the price against the USDT pair was trading at $1.18 mark at press time. Similarly, the market cap rose to $149 million according to CMC, which is up 3.6% in the last 24 hours.
In the intraday trading session, the price crossed the previous swing high. This is a bullish signal that bulls are active and further buying can be expected from current levels. Despite the price in green, sushi price is moving towards the 60-day control point as per VRVP indicator, buyers may see a slight pullback near this zone.
Price moves up but Stoch RSI goes down, why?
As a bullish outlook, bulls may turn aggressive to buy as the price shows a sudden recovery above the 20-day moving average on the daily price scale. But still the 50 DMA stood as immediate resistance. Despite the rise in price, the Daily Stoch RSI is moving below the overbought zone.
Conclusion
Sushi Swap price in intraday trading session is showing above 20 day moving average but 50 DMA is not there yet. Hence, buyers need to regain their dominance over this sector.
Support level – $1.0 and $0.8
Resistance level – $1.3 and $2.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.