SUSHI price rose 59% this month and showed a surprising recovery. The price prediction of SushiSwap has turned bullish for the long term and suggests the rally has just begun.
It is forming a bullish continuation pattern and buyers are trying their best to give the follow-up. The 50-day EMA positively intersects with the 200-day which displayed a golden crossover. It boosted the confidence of the long-term investors and added fuel to the upward momentum.
At the beginning of November, the SUSHI price broke out of the $1 resistance with a massive volume. The price surged 47% in a single day and formed a giant bullish candle. Later, the volatility increased and the price witnessed minor profit booking.
After consolidating for a few days, SUSHI price regained momentum and attempted to break the $1.400 hurdle. However, sellers are active and breakout attempts are failing.
Currently, SushiSwap price is trading at $0.1229 with an intraday decline of -0.49%. The 24-hour volume to market cap stands at 27.05%.
Will the SUSHI Price Fly to $2 in January 2024?
SUSHI price is in uptrend and buyers look more active as compared to the sellers. So the possibility of continuation of the upward momentum remains high.
The chart structure of the SushiSwap crypto favors the bulls. So, any minor retracement to the EMA will have a high possibility of getting a bounce. If the buyers succeed in breaking the $1.386 hurdle, then a 10% to 15% sharp rise is possible.
The next hurdle visible on the chart is $1.631, the crypto needs fresh buying to break this barrier. If they succeed then prices will begin the journey to reach $2.00.
The analysis suggests that SushiSwap crypto price looks attractive at current levels and may be a good pick for investors.
SushiSwap Price Rose for Six Consecutive Weeks; What Next?
SushiSwap price rose for six consecutive weeks and formed a bullish pattern on the multiple timeframes.
Meanwhile, the overall crypto market is performing well which improves the market sentiment and positively impacts SUSHI cryptocurrency. So, the momentum might continue in the coming weeks.
The MACD curve slopes sideways indicating that price may spend some time into consolidation. However, the RSI at 60 denotes strength and the supertrend also favors the bulls.
Conclusion
SUSHI price rose by 59% in November 2023 and formed a bullish continuation pattern. The buyers look more active as compared to sellers so the rally in SushiSwap crypto may continue in December.
The analysis suggests that this crypto is in an uptrend and the price may fly to $2.00 in January 2024.
Technical Levels
- Resistance levels: $1.386 and $1.631
- Support levels: $0.810 and $0.515
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2023/11/29/sushi-price-rose-59-in-november-will-the-rally-continue/