Sushiswap is a decentralized platform that is a one-stop solution for swapping, leveraging, lending, borrowing, and earning digital tokens. It facilitates multi-chain cryptocurrency transactions as well. Users can create innovative apps on this platform, incur nominal gas fees, and profit from yield farming. SUSHI is the in-house token of this ecosystem. Let us look at the technical analysis of SUSHI.
Past Performance
On Jul 11, 2021, SUSHI opened at $7.99. On Jul 16, 2021, SUSHI closed at $6.37. Thus, in the past week, the SUSHI price has decreased by roughly 20%. In the last 24 hours, SUSHI has traded between $6.31 – $6.89.
Day-Ahead and Tomorrow
Currently, SUSHI is trading at $6.72. The price has increased from the day’s opening price of $6.37. Thus, the market seems bullish.
The MACD and signal lines are positive. However, a bearish crossover by the MACD line over the signal line has occurred. Moreover, they are close to the zero line and may turn negative soon. Thus, the overall market momentum is bearish. Hence, we can expect the SUSHI price to start falling.
Currently, the RSI indicator is at 52%. It faced rejection at 45% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the price.
However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may start falling.
In short, the RSI oscillator has given positive signals while the OBV and MACD indicators have given negative signals. Hence, the overall market momentum seems bearish. But, we have to wait and watch if a bearish trend reversal occurs in some time.
SUSHI Technical Analysis
Currently, the price is above the first Fibonacci pivot resistance level of $6.74. The price may soon fall below it and further below the Fibonacci pivot point of $6.52. Thereafter, we have to wait and watch if the price continues to fall or starts increasing again.
Currently, the price is above the 23.6% FIB retracement level of $6.75. It may soon fall below it and further below the 38.2% FIB retracement level of $6.67. By day close, if the price retests and breaks out of these levels, then the bullish trend is strong enough to sustain till tomorrow.
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