• Sushi Swap price is down 40% on the month.
  • The bears have produced the steepest downtrend rally witnessed this year.
  • Invalidation of the bearish thesis is a breach above $1.54.

Sushi Swap price could be in the beginning stages of a much stronger decline. At the current time, countertrend trading the digital asset could be problematic. Key levels have been defined to gauge Sushi's next potential move.

Sushi Swap price points south 

Sushi Swap price saw an impulsive wave headed south going into the third training week of November. Since November 4, the Ethereum-based-AMM token has fallen by 40%. Following the decline, SUSHI auctions within a developing congestion zone near the newfound monthly low at $0.99.

Sushi Swap price currently auctions at $1.23. The bears have produced a sharp decline with an angled slope steeper than the previous selloffs that occurred throughout the summer. Accompanying the trend is a large influx in selling pressure on the Volume Profile indicator on higher time frames. The Relative Strength Index (RSI) breached extremely oversold levels during the $0.99 low.

tm/sushi/11/14/22

SUSHIUSDT 8-Hour chart

Considering these factors, the SUSHI price could be in the middle of a much larger decline. A 40% death drop targeting 2020 liquidity levels near $0.70 looks like the ideal target that bears aim for.

Invalidation of the bearish outlook is possible if the bulls take the liquidity above the recently breached 21-day simple moving average at $1.54. A hurdle of this level could induce an additional buyers frenzy targeting the monthly high at $2.05. Sushi Swap price would rise by 70% if the bears were to succeed. 

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

 



 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple –  BTC, ETH exceeds $121K and $3,000, XRP eyes above $3

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple –  BTC, ETH exceeds $121K and $3,000, XRP eyes above $3

Bitcoin extends the gains from Sunday, printing a record high of $121,492 on Monday. Ethereum exceeds the $3,000 mark while Ripple advances on a bullish route, inching closer to the $3 mark.

Bitcoin rallies closer to $120,000 milestone, setting a new high

Bitcoin rallies closer to $120,000 milestone, setting a new high

Bitcoin breaks above the key milestone level on Friday, setting a new all-time high of $119,999, with no signs of slowing. The technical outlook supports further gains as momentum indicators remain robust and price action firmly in price discovery mode, with the next potential target above $130,000.

 

Top Crypto Gainers: XLM, HBAR, ALGO – Double-digit breakout gains outpace crypto market 

Top Crypto Gainers: XLM, HBAR, ALGO – Double-digit breakout gains outpace crypto market 

Stellar’s XLM extends the trendline breakout rally for the seventh consecutive day, nearing $0.50. Hedera’s recovery registers a four-month high, eyes $0.37. Algorand’s quick trend reversal also hits a four-month high with its seventh consecutive day of gains.

Ethena records double-digit gains amid Upbit listing, Coinbase partnership

Ethena records double-digit gains amid Upbit listing, Coinbase partnership

Ethena (ENA) edges higher by 20% at press time on Friday, printing its fourth consecutive bullish day. The surge in buying pressure could be triggered by the increased volumes from the Korean market after the Upbit listing on Friday. 

Bitcoin: BTC hits new all-time high and enters price discovery mode

Bitcoin: BTC hits new all-time high and enters price discovery mode

Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday. 

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP