SUSHI’s price is in a strong uptrend since mid-June 2023, forming higher highs and starting to rise from the low of $0.55. The uptrend in the crypto market was initiated by the release of news regarding BlockRock, an investment banking firm, filing for a Bitcoin Spot Exchange-traded Fund (ETF).
Most of the Altcoins lost their momentum but SushiSwap sustained it. The cryptocurrency price has been struggling to rise and close above $0.80 since July 2023. On July 17, 2023, the price finally gained bullish momentum and did rise above $0.80 but the presence of bears pushed the price back below it.
Recently, SushiSwap’s price formed support at $0.735. The current candle is strongly bullish and has broken the high of the previous candle. The current candle is headed toward filling the upper wick of the 17th July candle and hopefully it is closing above $0.80.
If the SUSHI price has enough bullish momentum, there is the possibility that the price might reach the $0.86 level. On the other hand, if bears take control and push the price below the recent support of $0.735, there is the possibility that the price might melt down toward $0.70 and bounce off the trend line.
Total Value Locked Slips
The market capitalization of SUSHI has increased by 2.36% to $177,753,573. The 24-hour trading volume has decreased by 19.28%. The price is down 96.73% from the all-time high of $23.38 and up 61.23% from the all-time low of $0.4737.
The total value locked of SushiSwap has also declined heavily since February 2023. During February 2023, the total value locked was at $728.2 Million which has dropped to $442.45 Million as of now.
Will Sushi Swap Price Sustain the Bullish Momentum?
The cryptocurrency price has positively crossed 20, 50, and 100-day exponential moving averages, suggesting a rise in bullish momentum. Chaikin money flow (CMF) score has jumped above the 0 mark and currently trades at 0.06, implying slight strength and an increase in capital inflow.
The relative strength index trades at 65.57, nearing the overbought zone, indicating strong bullish momentum. RSI will soon enter into an overbought zone which will indicate the possibility of a short-term pullback.
SUSHI price has crossed above the upper band of Bollinger which also indicates the possibility of short-term pullback toward the 20-day simple moving average of Bollinger bands. The long/short ratio is 1.11 with 52.65% longs and 47.35% shorts indicating higher pressure from buying side in the last 24 hours.
Conclusion
The market structure and price action are strongly bullish. Technical parameters are favoring the buying side but traders should wait for the current candle to close as it is hovering near major resistance and might close back into the zone.
Technical Levels
- Major support: $0.65 and $0.59
- Major resistance: $0.86 and $0.925
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 his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/14/sushiswap-price-prediction-will-bullish-rally-lead-to-1/