SushiSwap Fails to Break Major Resistance Area, Can it Break-Through?

SushiSwap Fails to Break Major Resistance Area, Can it Break-Through?
  • SUSHI has been holding well above a mid-term trend line.
  • Price has bounced off this trend line five times.

Sushi is a DeFi protocol that is totally driven by the community, presenting delectable interest for your held cryptocurrency resources. 

Sushi has risen over 13 percent the last week. 400 MA is holding the price. It’s nearing its mid-term trend line. Compared to other coins in its class, SushiSwap has had a good week. Prices are up nearly 13 percent compared to the majority of coins being down 5 percent. SushiSwap is a decentralized app that provides staking, farming, swapping, and other services.

Decentralized finance continues to eat away at all centralized systems, increasing this platform’s popularity and user base. SUSHI has been holding well above a mid-term trend line since late July.

Can Bulls Hold at $11?

Price has bounced off this trend line five times, indicating it is a strong support area. SUSHI is currently approaching its last major support of $11.21 before reaching this mid-term trend. This trend is likely to bounce as it is right next to the 400MA.

SUSHI is located near major support areas, so that we may see a bounce off these levels. It is near the end of its 5-day wedge where it is currently trading.

 Price will fall to the major support of $11.21 if this channel’s bottom trend is broken. If bulls gain strength now and SUSHI breaks above this wedge, the price will face minor resistance at $12.17.

After that, SUSHI will head to its major resistance zone, which must be fully broken to reach the given targets. The Stochastic RSI has just fully cleared back to the region of oversold. SUSHI may pump out of its wedge if strength regains its footing and bounces above 20.

The MACD recently broke 0 and is heading bearish. SUSHI will have a good chance of breaking its major resistance if the MAs cross bullish and bounce back above 0. According to CoinMarketCap, SushiSwap price today is $10.56 USD with a 24-hour trading volume of $520,991,484 USD.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.