SushiSwap Striving Hard to Overcome the Bearish Momentum

SushiSwap Striving Hard to Overcome the Bearish Momentum
  • Higher price rejection candles developed close below $9.
  • The daily chart shows resistance at $11.5.

Because of a growing number of bearish factors, the SushiSwap price action shows a struggle to maintain the current bullish trend. On the other hand, the daily chart shows a solid bullish bias that can withstand even slight retracements. On December 14th, the token price fell below the $6 support level, and a drop to $3 was predicted. However, the price of the coin rose above the bearish sentiment.

Bullish SUSHI coin price continues to rise after completing the double bottom pattern on December 21st and breaking above the neckline at $7. However, the $8 to $9 price range is still influential and could reverse the current trend.

Possible Reversal Expected

However, despite the coin price breaking above the 50 and 100 day moving averages in the last few days, it can still not break above the 200-day moving average (EMA). The RSI indicator (65) approaches the overbought threshold, suggesting a possible reversal.

SUSHI/USDT: Source: TradingView

With new highs and lower lows appearing on the 4-hour chart, the SUSHI token price continues upward. The current effort to get over the $9 resistance level, on the other hand, might have a negative outcome.

Higher price rejection candles developed close below $9, suggesting a bearish takeover of the current trend. Despite this, traders can take advantage of support dips if the price remains within the channel. After the $9 horizontal level was broken, the daily chart shows resistance at $11.5. Prior bullish reversals highlight support levels at $8 and $6, respectively. According to CoinMarketCap, the SushiSwap price today is $8.97 USD with a 24-hour trading volume of $858,667,341 USD.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.