SUSHI Price Analysis: Amid High Demand Price Approaching Key Resistance, Is A Breakout Imminent?
SUSHIUSDT gained roughly 7.6% within the last 24hrs in the face of recent FUD by an anonymous white hack hacker who took part in the platform’s ImmuneFi bug bounty program. The decentralized exchange [DEX] stays range-bound trading within the $5.9681 and $22.5674 significant resistance and support levels on the higher time frames. Meanwhile, the 4HR time frame gives clues that we may be heading towards the upper bound of the long-term price range.
Let’s probe deeper into the price charts of the AMM decentralized exchange, starting from the daily time frame.
SUSHISWAP (SUSHI) Daily Chart Analysis
The governance token SUSHI dipped into a correction phase on 26 August, as the RSI crossed below the level-25 from the top. It sends the price chart into an expanding channel enclosed by bullish and bearish divergence patterns on 10 September and 16 September ’21.
A bullish engulfing candlestick pattern closed above a bearish inside bar resistance [$9.0609] on 25 September, showing immunity to the China crypto ban, and suggesting a price surge to the upper bound of the expanding channel at $16.1864.
SUSHISWAP (SUSHI) 4HR Chart Analysis
The above 4HR chart annotations show the SUSHIUSDT entering a range-bound market structure after the RSI went below level-25 on 18 September ’21 00:00.
A rather recent bullish divergence pattern on 29 September 20:00, that has forced the RSI above the level-75 shows that the bulls are getting ready to exit the current price range.
Bullish/Bearish Scenario
A price close above the $11.9625 price ceiling with a second entry of the RSI above level-75 will confirm absolute dominance by the bulls. On the contrary, we may see further price dip, if the bears force the SUSHI price below the $8.51 support.
SUSHISWAP SUSHI Intraday Levels
- Spot rate: $10.7482
- Mid–Term Trend [H4]: Slowing Bearish bias
- Volatility: Low
- Support: $8.510 and $9.2308
- Resistance: $11.9625 and $16.1864
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
