Sushi Swap Fails To Break Major Resistance Zone, Will Bulls Hold $11?

sushisushi
  • Sushi has risen over 13% the last week
  • Price has been held up by 400 MA
  • Sushi Swap is heading towards its mid term trend line

Sushi Swap has been doing fairly well over the last week compared to other coins in its class. Prices are up nearly 13% compared to the majority of coins being down -5%. Sushi Swap hosts a very impressive decentralized app as it offers staking, farming, swapping along with many other services. This platform has been growing in popularity & users over the last month as decentralized finance continues to eat away at all the centralized systems.

As long as the market continues in a bullish fashion, we should expect SUSHI to continue rising in value.

Ever since SUSHI pumped off its low in late July, price has been holding above a mid term trend line very well. Price has bounced off this trend over 5 times which shows it can be relied upon as a strong support area. At the time of writing, SUSHI Is heading towards its last major support of $11.21 before price reaches this mid term trend. A bounce is likely at this trend as it also sits right next to the 400MA.

This MA has been acting as support for over a month now. Any break below this MA & the mid term trend line will result in a bearish trend.

Sushi Swap Price Analysis: SUSHI/USDT 4 Hour Chart

TradingView Chart
Considering the fact that SUSHI is near major support areas, we may also see a bounce off these levels as it has happened in the past. At the time of writing, SUSHI is trading near the end of its 5 day wedge. A break to the bottom trend of this channel will surely cause price to fall to major support of $11.21. If bulls manage to gain strength in the current moment & SUSHI breaks to the upside of this wedge, price will have to battle out the minor resistance of $12.17. In the event that price breaks & holds this, SUSHI will then head to its major resistance zone that must be fully broken to reach the given targets.

While looking at the Stochastic RSI, we can see strength just fully reset to the oversold region. If strength manages to gain its footing & bounce above the 20 value, SUSHI may be in position to pump out of the top of its wedge. The MACD recently broke the 0 value & is heading down into bearish territory. As long as the MA’s can cross bullish & bounce back above the 0 value, SUSHI will have a good shot at breaking its major resistance.

SUSHI Intraday Analysis

  • Spot rate: $11.56
  • Trend: Bearish
  • Volatility: Medium
  • Support: $11.21
  • Resistance: $12.17

The post Sushi Swap Fails To Break Major Resistance Zone, Will Bulls Hold $11? appeared first on Coingape.

Publication date: 
09/20/2021 - 05:27
Author: 
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