Sushiswap is a multi-chain open-source protocol that offers competitive rates for trading in various crypto assets. It also provides a robust infrastructure for the development of innovative decentralized applications. It is a PoS-based ecosystem that helps users procure loans at nominal interest rates. SUSHI is the prime governance token of this network.
On April 16, 2021, SUSHI started trading at $17.58. On April 22, 2021, SUSHI closed at $12.30. Thus, in the past week, the SUSHI price has declined by approximately 30%. In the last 24 hours, SUSHI has traded between $10.16-$12.61.
Day-Ahead and Tomorrow
Currently, SUSHI is trading at $11.08. The price has decreased from the day’s starting price of $12.30. Thus, the market seems bearish.
The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. This implies intermittent price rises amidst an overall bearish trend. Hence, the market is in the price adjustment phase.
The RSI indicator is presently at 53%. It faced a bullish swing rejection at 41% and rose to the current level. Thus, buying pressures are slowly building. The price may start rising soon. However, we have to wait and watch to see if this price rise is temporary or a bullish trend has set in.
The A/D indicator is upward sloping. Thus, accumulation activity is much higher than distribution activity. There is bullish divergence here indicating that the bulls are gaining strength. In conjunction with the other two oscillators, we can say that the price might start rising soon. However, it is still too early to confirm a trend reversal.
SUSHI Price Analysis
As per technical analysis, currently, the price is below the Fibonacci pivot point of $11.69. It may rise up to the pivot point and break out of the first resistance level of $12.62 before falling again.
The price has tested and broken out of the 38.2% FIB retracement level of $11.09. If by day end, the price retests and breaks out of the 76.4% FIB retracement level of $12.02, then probably a bullish trend has set in. In that case, the price upswing is likely to continue tomorrow as well.