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From around the 10th to the 14th of August, the Sushiswap market reached a high price level of $1.600. At that height in the market, the price was rejected and the price journeyed down till it reached the support of $1.0000 on the 26th of August. With a bullish engulfing candle pattern, it started its new upward journey until it was rejected again at the $1.3200 price level in today’s market.
Sushiswap Market Price Statistic:
- SUSHI/USD price now: $1.2701
- SUSHI/USD market cap: $160,657,720
- SUSHI/USD circulating supply: 127,244,443
- SUSHI/USD total supply: 244,542,059
- SUSHI/USD coin market ranking: #148
Key Levels
- Resistance: $ 1.3000, $1.3388, $1.4000
- Support: $1.1515 $1.0818, $1.0295
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Sushiswap Market Price Analysis: The Indicators’ Point of View
The Buyers were very aggressive in yesterday’s market as the high trading volume testifies to the interest in the traders to buy and sell Sushiswap. The bears took the market in the early session of yesterday’s market. But along the line, the bulls resisted bearish advances and they push the price to the $1.3000 price level before it was again rejected. The price pullback continued into today’s session. However, the bearish momentum is now reducing. The Moving Average Convergence and Divergence histograms still show strong bullish activities. The market may resume its bullish movement soon. RSI line also is having a slight pullback from its upward journey and it now measures 61%.
SUSHI/USD 4-Hour Chart Outlook
Towards the end of yesterday’s session, the sellers started to take profit and they continued into the second session of today’s market. At the moment it looks like the selling pressure is waning as the trading volume also reduces. The histogram that represents the second session for today’s activities is now appearing in faded green. The RSI line is trying to recover from the overbought. This means the price pullback is a result of the market entering the overbought zone. the price of the market has to correct itself from the overbought zone. it may likely continue on its upward journey after the price pullback. As we can see, in the second session of today’s market, the price seems pegged at the current price due to the tug-of-war between bulls and bears.
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Source: https://insidebitcoins.com/news/sushiswap-price-prediction-for-6th-of-october-sushi-usd-get-rejected-at-the-1-3200-resistance-level-again