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Sushi Token Price Analysis: Downtrend Ends With A Breakout, 35% Boost In 3 Days

www.thecoinrepublic.com 07 May 2021 14:48, UTC
Reading time: ~3 m

  • SUSHI token price restarts the uptrend after breaking out of the downtrend. It is now trading with an intraday growth of 6.43%
  • The coin continues to trade above all major EMAs, but the declining momentum and increasing volume oppose each other.
  • The pair of TRX/BTC is trading at the level of 0.0002954 BTC with an intraday growth of 8.82%
Source- tradingview

SUSHI token price breaks out of the downtrend after consistently making higher highs in the 4-hour timeframe; currently, it is trading above 50 and 100 EMA. After a recently found demand, the price is trading above the 0.382 Fibonacci level.

SUSHI token trading price today is $16.81 with a 24-hour trading volume of $1,555,538,497. SUSHI is up 6.43% in the last 24 hours. As per the market capitalization, the current ranking of the coin is #66, with a live market cap of $2,138,652,960.

High Volume Breakout leading to $22

Source – tradingview

Polygon declared a strategic alliance with SUSHI DeFi. The blockchain presently supports the DeFi platform with $30M rewards for liquidity providers. It’s an outstanding announcement for the blockchain society that has encountered significant development and user attraction. 

According to the announcement, $15M will be rewarded in SUSHI and $15M in MATIC tokens. Polygon and SUSHI are going to start their joint liquidity mining program with the following pairs: ETH-MATIC, ETH-WBTC, ETH-USDC, ETH-USDT, ETH-DAI, and ETH-AAVE. 

SUSHI has started to make a descending triangle pattern, in the 4-hour timeframe, after reversal from a 52-week high level. However, the coin price breakout of this pattern and a short-term pullback is expected to give a retest for the breakout. 

The coin price has increased 6.43% in the last 24 hours, implying an up move to the resistance level of $18.25 before the price backs down. The levels of $13.8 and $10.2 are the immediate support, whereas the immediate resistance level is $13.87.

The 50 EMA (yellow) is above 100 EMA (green), implying an uptrend in action in a 4-hour timeframe. However, the 50 EMA is intermingled with the 100 EMA (green), resulting in a bullish crossover.

The relative strength indicator trading at 52 is bearish, with the slope spiking up for now with very little space to move higher before reversing from the overbought zone.

ADX indicator trading at 27 implies the gain in trend momentum as the ADX slope is getting ready to head higher.

Conclusion – SUSHI coin price has recently exhibited the breakout of a descending triangle pattern suggesting a start of an uptrend. A short-term pullback is anticipated to give a retest.

 A bullish crossover of 50 EMA and 100 EMA could drive the price even higher, early traders must wait for retest confirmation. 

Support- $13.8 and $10.2

Resistance- $13.87

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