SUSHI Technical Analysis – October 2021
Monthly Analysis
Over the last 30 days, SUSHI declined by 47%. It found support at $8.5. The price then was in consolidation after increasing by around 40%. A triangle pattern has taken shape, indicating that a breakout might occur soon.
Weekly Analysis
Over the last 7 days, the price of SUSHI declined by 16%. After finding support at $9.7, the price has started increasing again and it may soon retest resistance at $11.3
Daily Analysis
In the intraday chart, the price of SUSHI has had high levels of volatility, and it has been bullish over the last few hours. Judging by the trend, SUSHI could keep increasing in the coming hours.
Key Structures
Support
- $9.70
Resistance
- $11.40
Indicators
Moving Average
The 20-day moving average is now below the price due to the recent increase, meaning that the trend is now upward and that the price of SUSHI could keep increasing in the coming days.
The 9-day EMA has now also moved below the price and is currently supporting the price of SUSHI. This could see SUSHI keep going higher in the near future.
Relative Strength Index
The RSI of a daily chart has been fairly average, but it has shown signs of bullish tendencies recently as the RSI has started increasing. In a 4-hour chart, the RSI is approaching the overbought region, meaning that the buying pressure is high and that SUSHI is bullish. However, if the RSI enters the overbought region, then we could see a pullback on the price.
MACD
The MACD line of a daily chart is above the signal line and heading above the baseline. This indicates that the momentum is bullish in a daily chart and that the price could keep increasing. As for the 4-hour chart, the MACD indicates even more optimism, as the MACD line is quite above the signal line and above the baseline, meaning that the price could also increase in the short run.
Fear & Greed
The fear and greed indicator suggests that the current emotion of SUSHI traders is greed, meaning that the price could keep increasing as investors are bullish.
Fibonacci
The Fibonacci retracement level suggests that the price might find support at the 38.2% level. If that happens, then SUSHI could aim for one of the extension levels in the short run.
Price Prediction SUSHI – October 2021
Based on this technical analysis on SushiSwap (SUSHI), we could see its price increase in the coming days up to $12. If resistance is broken, then SUSHI could attempt to reach a new all-time high. Furthermore, if BTC increases at the rate that experts project it, then a price of $50 is attainable for SUSHI as its demand increases.
Latest News for SUSHI – Affecting Price
Recently, SushiSwap has launched a $12.6 liquidity mining pool on the Celo network. As SushiSwap expands, the demand for SUSHI tokens increases, consequently increasing the price. This could have a great effect on the price of SUSHI in the longer run.
Also read: SushiSwap (SUSHI) Price Prediction 2021 and Beyond – Is SUSHI a Good Investment?