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Sushiswap Price Analysis: Bulls looking Stronger, Price might reflect the Same!

  • Sushiswap bulls are seemingly looking strong, price trading above all significant moving averages.
  • Technicals favouring the buyers, might reflect the same if some conditions are met.
  • SUSHI/BTC is currently trading at 0.0001872 BTC with an intraday change of 0.00% while SUSHI/ETH is trading at 0.00294300 ETH with an intraday change of -0.91%.
Tradingview

Sushiswap is currently trading above all the significant 50, 100 and the 200 day moving averages. This is an indication of the bulls being in the steering. The price is currently trading just above the 50 and 200 day moving averages and if the price manages to stay above all the mentioned moving averages, we might see Sushi surge in the near future.

The relative strength index(RSI) is also indicating a bullish momentum with the RSI line heading above the normal zone. Buyers might want to jump in here to take their positions thereby resulting in the rise of Sushi price.

The moving average convergence divergence (MACD) is also referring to a bullish momentum though both the MACD and the signal line are below the zero line. The MACD line is very close to crossing the zero line and we might see this happen in the next few days as the histogram is also printing green bars showcasing the buying pressure.

Tradingview

The Fibonacci indicator is suggesting an immediate resistance at the $11.524 price level and if the price manages to break it, $13.008, $14.898 and $20.355 levels will come to play. The fibonacci is suggesting support at the$10.482, $9.440 and $8.151 price levels. 

NOTE

The moving average 50, 100 and 200 are in colour Yellow, White and Red.

The MACD line is coloured Blue while the signal line is coloured Red.

The important support and resistance levels to keep an eye on are: 

SUPPORT: $10.482, $9.440, $8.151

RESISTANCE: $11.524, $13.008, $14.898,  $20.355

TAKEAWAY: Considering the technicals mentioned above, Sushiswap price is expected to rise if it manages to stay above all the mentioned moving averages and break the immediate resistance mentioned by the fibonacci. Traders can take their position here with proper risk management.

Categories: News
Antonio K Smith: Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.