- SushiSwap crypto price has declined by 17% in the last 4 days.
- SUSHI price has slipped below the 20-Day EMA showcasing negative momentum.
SUSHI price has witnessed slow and steady gain in the past month and rose by 46%. The bullish trend has disturbed near the $2 hurdle and performed negatively. The price has declined by approximately 15% in the last few days and is heading toward the trendline.
On a wider time frame, the SushiSwap crypto price has been in a bearish trend and reached an all-time low in June and traded in this zone till October. In mid-October, the buyers showed interest. It has witnessed strong buying pressure and the price has risen by approximately 200% till now.
Turning to the technical indicators, the SushiSwap price has started trading below the 20-Day exponential moving average which indicates the selling pressure and bears may dominate further. RSI is at 46 which has rapidly dropped from the overbought zone and is heading toward the oversold zone showcasing a negative forecast.
Technical Analysis of SUSHI Price Over Daily Timeframe
At the time of writing, the SUSHI price is trading at $1.70 with an intraday loss of 4.80%. The market capitalization is $401.23 Million and the 24-hour trading volume is $71.97 Million which has decreased by 23%.
On a daily time frame, the SushiSwap crypto price has been in a bullish trend for the last few weeks and recently recorded a 52-week high. The SUSHI price has tried many times in the last ten days to sustain the $2 hurdle but has failed to do so and sellers dominated further which has resulted in a 15% fall in the last 4 days.
The SUSHI crypto price has been rising through the trendline and currently, it is melting back to the trendline. If the price drops to the trendline and forms a bullish candlestick, then buyers may show interest in a dip. If the buyers gradually lift the price over the 20-Day EMA then buying momentum can be expected.
If the SushiSwap crypto price fails to defend the trendline, then investors may panic and panic selling can take place. If the sellers drag down the price to the 200-Day exponential moving average then it will be difficult for the buyers to dominate again.
SUSHI Price Prediction Over 4-H Timeframe
In a 4-H time frame, the SushiSwap price dropped below the $1.80 level and retested. According to the previous chart, the price has faced resistance from the $1.80 mark twice and declined by approximately 20%. Currently, it has created the same scenario and dropped by 5% in the last 12 hours.
Currently, the SUSHI crypto price is taking support on the 200-Day exponential moving average. If the price slips below the 200-Day EMA and sustains, then according to the previous scenario, the price may perform negatively.
On the other hand, suppose the price takes support on the 200-Day EMA and surpasses the 20-Day EMA then buyers may gain bullish momentum. If the buyers manage to lift the price to the $2 hurdle then it may easily approach a new 52-week high.
SUSHI Crypto Price vs Volume Analysis
The tading volume has declined from $285 Million to $58 Million in the last 10 days but the price did not decline as much. Trading volume melted from $114 million to $58 in the last 2 days and the price has also performed negatively. If the trading volume keeps declining the same way, then the price is expected to decline further.
Conclusion
Based on the technical analysis and price predictions, it seems that the SushiSwap crypto price may witness a negative trend in the short term if it fails to defend the trendline. However, if the buyers manage to lift the price over the 20-Day EMA and sustain it, a spike in buying momentum can be expected. The trading volume has been declining, which may further impact the price negatively.
Technical Levels
Resistance Levels: $1.80 & $2.10
Support Levels: $1.50 & $1.20
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.