SushiSwap (SUSHI/USD) Bulls Rally for Recovery, Targeting Strong Support Above $1.00
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Despite modest gains of 0.83% today, SushiSwap (SUSHI/USD) continues to face bearish pressure. The downtrend began in March after the market failed to overcome resistance at $2.2 on two attempts, signaling a potential exhaustion of the bullish trend. A subsequent break below the $1.60 support level intensified the bearish sentiment, driving the price down to $0.8. However, bulls are now attempting to regain momentum, pushing the price back above $1.00.
SushiSwap Market Data
- SUSHI/USD Price Now: $1.02
- SUSHI/USD Market Cap: $241 million
- SUSHI/USD Circulating Supply: 236 million
- SUSHI/USD Total Supply: 250 million
- SUSHI/USD CoinMarketCap Ranking: #248
Key Levels
- Resistance: $1.10, $1.20, and $1.22
- Support: $0.95, $0.90, and $0.85.
SushiSwap Through the Lens of Indicators
SushiSwap (SUSHI/USD) bulls have tentatively entered the market around $1.00, attempting to establish a foothold despite persistent bearish sentiment. Although their presence is undeniable, the bear market’s influence remains evident. Securing dominance above the psychologically important $1.00 level is crucial for the bulls. Failure at this point could see a retest of the support level at $0.80.
The Bollinger Bands indicator has narrowed, suggesting a potential breakout is imminent. The direction, however, remains uncertain. While the bulls might benefit, the Relative Strength Index (RSI) at 40.04 indicates lingering bearish momentum.
SUSHI/USD Price Prediction: 4-Hour Chart Analysis
A 4-hour chart analysis of SushiSwap (SUSHI/USD) reveals consolidation above the key $1.00 level, likely due to low trading volume. This phase might persist for a while. However, the bulls appear to have established support at this level, and this crypto signal is suggesting a potential upward move in the next leg.
