- 1 SushiSwap Price fell 16% on a monthly basis and hit a fresh 52 week low.
- 2 SUSHI Price facing hurdle at 50 day EMA continues to decline.
- 3 The SushiSwap crypto price dropped below crucial support of $1.00.
SushiSwap Price fell 16% on a monthly basis and slipped down by forming lower low swings. It broke down the $1.00 support which hurted the sentiment of the long term investors and invites further decline.
SUSHI Price hit a fresh 52 week low but luckily it didn’t collapse and entered into consolidation. Price had corrected a lot and was near to the oversold territory. Therefore, a short term relief rally may trigger anytime from the lower levels.
SushiSwap Price is continuously facing hurdles at the 50 day EMA and the rally is getting sold off. It showcases downtrend and strong bears are active in the supply zone. Therefore, the 50 and 200 day EMA will act as an immediate hurdle for the bullish traders.
SushiSwap Price is trading at $0.844 with an intraday rise of 0.48%. The 24 hour volume to market cap ratio is 0.0687. The pair of SUSHI/BTC is trading at 0.00003168 with an intraday rise of 0.64%.
The correlation of SUSHI crypto with BTC is 0.62 and with ETH is 0.66. At the beginning of April, SushiSwap Price took support near $1.00 and showed some minor recovery of 25% approx.
Unfortunately, the recovery was temporary and prices faced rejection from the supply zone. It consolidated for a few days near $1.00 but due to the presence of sellers prices expanded downside.
SushiSwap Price lacked the confidence of investors
SushiSwap Price formed a bearish pattern and no signs of recovery are visible. Presently, the price is consolidating near to the yearly lows and sellers are trying to pull the prices further down.
The market leader Bitcoin and Ethereum price is also mild bearish and trading near to the crucial support. Therefore, If the BTC and ETH price recovers it might improve the overall market sentiment. Moreover, it will also positively impact the prices of other Altcoins including SushiSwap.
However, if the SUSHI price continues to consolidate in a narrow range then it might be a sign of short term base formation. The technical analysis suggests, SushiSwap Price is in downtrend and the sustainability of the short term up-move will remain doubtful.
SUSHI Price remains highly volatile
SUSHI Price is falling for the past five consecutive weeks and forming a highly bearish pattern on a multiple time frame. The chart structure of Sushi crypto is volatile and remains in bear grip for quite a long period of time.
Technical indicators like MACD are on the way to generate a fresh negative crossover. It indicates bearish momentum might continue and more downside is possible. Whereas, the RSI curve at 32 denotes oversold territory and short term pull back rally may trigger soon.
Conclusion
SushiSwap Price fell 16% on a monthly basis and prices are consolidating near to the yearly lows. However, the SUSHI crypto price is oversold and a relief rally may trigger anytime from lower levels.
The technical analysis suggests, SushiSwap Price is downtrend and any short term up-move will face difficulty to sustain the higher levels.
Technical levels
Resistance levels: $1.230 and $1.523
Support levels: $0.800 and $0.700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.