SushiSwap Price Prediction: SUSHI Imminent Mega Breakout To $4

John Isige Altcoin News September 11, 2020

Sushiswap

SushiSwap Price Prediction: SUSHI Imminent Mega Breakout To $4

  • SushiSwap finds stability after a gruesome week, recovery is in the offing.
  • SUSHI/USD bulls must defend the triangle support to avert any lingering declines back to $1.00.

The embattled and epitome of DeFi drama, SushiSwap token seems to have found some semblance of stability after last week’s rollercoaster ride. Support has been established and embraced at $2.15 and marginally above $1.00. At the time of writing, SUSHI is trading at $2.20 following a 24% retreat over the last 24 hours according to data by CoinMarketCap.

A falling triangle pattern is the most pronounced chart pattern in the hourly range. If the bulls hold onto the short term building momentum, a breakout above the triangle would kick start SushiSwap’s mega rally to levels above $3.00 and $4.00 respectively.

Technical indicators on the chart suggest that SUSHI will stay in consolidation a while longer. The Relative Strength Index (RSI) has slowed down the downtrend after forming a higher low and lower low pattern. Support above 30 (oversold region) means that bulls are fighting to regain control of the price. Moreover, recovery towards the levels at 40 and the midline would indicate the return of bullish pressure, significant enough to support a break above the triangle.

Read also: SushiSwap Liquidity Hits $1.35 Billion After Successful Migration

SUSHI/USD 1-hour chart

SUSHI/USD price chart
SUSHI/USD price chart by Tradingview

Meanwhile, it is essential to note that the price is trading below the 50 and 100 moving averages. SUSHI will have to change these two resistance zones (50 SMA at $2.61 and 100 SMA at $2.65) into support areas to properly gain ground and launch an attack at the triangle resistance, $3.00 and $4.00 levels.

For now, keeping the price within the confines of the triangle is in the bulls’ best interest. In other words, it vital that the pattern’s support remains intact. Otherwise, a break under the triangle could culminate in an exploration of the rabbit hole back to the $1.00 level.

SushiSwap Intraday Levels

Spot rate: $2.20

Relative change: -0.16

Percentage change: -6.80

Trend: Short term bearish bias

Volatility: Expanding

Read more: SushiSwap Price Prediction: SUSHI/USD Brief Journey Of Rags To Riches And Back To Rags

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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