Sushi Swap (SUSHI) received a lot of attention in the early months of this year, but it has since faded into obscurity. Its main competitor, Uniswap, is still doing well in the market, with platform visits increasing over the last month. Many alt coins have surged off their lows since BTC broke through its $40,000 resistance. Over the last three days, SUSHI has attempted but failed to break free from a major resistance zone. If BTC can quickly regain its footing, we should see SUSHI rise above $15 in no time.
Sushi Swap has been on a steady upward trend since July 20th. Price has been supported within an ascending channel because every time it touches either trend, it is rejected and returns to the opposite trend. For SUSHI to experience a strong breakout, the price must break and confirm its major resistance zone, which is located between $13.39 and $14.24.
If the bulls can pull this off, we can expect the price to rise to at least $15.59 and possibly $16.58. SUSHI will go parabolic if the price manages to break and hold the channel’s top trend.
SUSHI/USDT 4 Hour Chart Sushi Swap Price Analysis
At the time of writing, the SUSHI price is holding the channel’s median line. If the bears reassert their dominance and Sushi breaks below this trend, we should expect price to fall to the channel’s bottom trend. Along with this median line, there is a near three-month trend line that has kept price from rising in a bullish trend. Bulls broke this trend line just two days ago and have been able to hold it since. Breaking both of these trends will almost certainly result in a -5 percent drop. Sushi Swap will most likely find support at $10.63 in this case.
We can see how strength reset to the oversold territory by looking at the Stochastic RSI. As long as strength can break out of this zone, it is a good sign that the SUSHI price is regaining strength for its next upward push. For nearly 9 days, the RSI has been hovering above the 50 level.
For SUSHI to break out of its major resistance zone, a strong push into overbought territory is required. If strength ever falls below the given trend line, expect price to begin a downtrend.
Intraday SUSHI Analysis
The current spot rate is $12.85.
Support: $12.02 Volatility: High
$13.39 for resistance