Sushiswap (SUSHI) Analysis: SUSHI May Carry On Its Bullish Climb

• Sushiswap attained its October’s all-time high price
• The token saw a rise in its trading volume by three-fourth of its original volume
• After lots of breakouts and corrections, the coin is getting distributed on top

Sushiswap has given good returns in the past and performed relatively better than most of the volatile altcoins in the market. However, the occurrence of trend reversals is not new for SUSHI. The once stable coin has gone up after the recent market correction of October 27th. The SUSHI/BTC pair currently equals 0.0001968 BTC with an intraday increment of 3.59%, while the SUSHI/ETH pair comes out to be 0.0028 ETH, an intraday gain of 3.63%. The current market cap is $1,585,397,094, gaining over 6.69% more. SUSHI gave 9.13% more returns to the investors this week when compared to the last one. The ROI of Sushiswap has been 262.1% since its launch. 

The SUSHI token is trading above the major lines including 50 MA for short-term goals, while 100 and 200 MA lines for the longer duration. The formation of the head and shoulders pattern scared the investors into thinking that another reversal might be on the way but the distribution zone formed right after that cancelled any chances. Before the alleged reversal pattern, one can spot the bullish flag curve during the ascent. The bullish pattern confirmed its climb and the possibility of staying up for some more time. 

Sushiswap has the potential to perform better than last month

In terms of Oscillators, the MACD line was convergent to the volumetric histogram formed on the zero level and the line stayed way up the surface, showing signs of bullish continuation. Hence, according to MACD, one can think of buying SUSHI at CMP as it suggests a good buying period. As for the RSI, the value comes out to be near the overbought zone’s barrier and the coin has crossed it only once in the last month, indicating that the coin currently has the strength to trade with might. However, investors should look out for any other signs to confirm the theory at their convenience. 

Resistance can be seen at $13.1414 and the token may break it soon if the trend stays the same, and the support can be found at $10.6018 and $11.7279.

Conclusion- The market’s mood looks good due to SUSHI’s stable ROI for a month. The coin may face sudden breakouts and rejections in the future but has the potential to climb up more if no trend reversal takes place. One can consider the token for short-term investment as the token is still comparatively new to the market. 

Resistance- $13.1414

Support- $10.6018 and $11.7279