|

Sushi price primed for 70% rally as SUSHI bulls clear critical resistance level

  • Sushi price has overcome a resistance level at $1.628, showing bullish strength.
  • If the $1.628 level holds, investors can expect SUSHI to kickstart a 70% rally to $2.78.
  • A breakdown of the $1.012 level would invalidate the bullish thesis.

Sushi (SUSHI) price shows readiness to move higher after it recently overcame a key hurdle. If the market outlook remains unchanged or improves favoring the bulls SUSHI could trigger a massive upswing.

Also read: Bitcoin Weekly Forecast: BTC may have recovered, but is it out of the woods?

Sushi price has all signs of kickstarting an uptrend

Sushi price consolidation above $1.012 lasted eight weeks, leading to a 109% rally in the next five weeks. This move overcame another critical hurdle at $1.628 and currently hovers above it. But with Bitcoin price showing weakness investors need to exercise caution. 

If BTC continues to move sideways or trends higher, then the Sushi price could kickstart an uptrend. Supporting the bullish outlook is the bullish momentum displayed by the Relative Strength Index (RSI), which is situated around the 70 level. 

A potential correction to the intermediate support level at $1.267 could be likely, as this move would allow RSI to reset to the 50 mean level. 

So, a bounce around $1.267 or $1.628 will be good accumulation zones for patient SUSHI buyers. Assuming the Sushi price bounces from its current position a retest of the $2.785 resistance level would constitute a 70% gain. 

SUSHI/USDT 1-week chart

SUSHI/USDT 1-week chart

On the other hand, if Sushi price breaks the $1.267 intermediate support level, it would signal weakness. If the selling pressure continues to build, SUSHI could slide lower and tag the $1.012 barrier.

A breakdown of this level would create a lower low and invalidate the bullish thesis for SUSHI. In such a case, Sushi price would risk a 22% correction to the weekly imbalance, extending from $0.792 to $0.642. 

Read more: OP, YGG, AGIX: Worth $106 million in liquidity, these are the three cliff token unlocks to watch next week

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

XRP holds bearish bias despite spot ETF inflows
Ripple (XRP) retains a bearish near-term tone on Friday, falling toward the psychological support at $1.00. This follows renewed inflation concerns in the United States (US) after the Federal Reserve (Fed) left interest rates unchanged, as two members of the committee dissented in favor of a 25 basis point hike.
Crypto Today: Bitcoin, Ethereum, XRP edge lower despite renewed ETF inflows
The cryptocurrency market broadly corrects on Friday, as investors assess macro uncertainty and geopolitical tensions, which continue to escalate in the Middle East. Bitcoin (BTC) is trading below $64,000, down from the weekly high of $65,745. Altcoins such as Ethereum (ETH) and Ripple (XRP) are trading under increasing selling pressure below $1,900 and $1.10, respectively.
US sanctions Iran-linked Bitcoin insurance scheme for Strait of Hormuz ships
The U.S. Treasury has sanctioned two Iranian firms behind a maritime insurance operation that accepted Bitcoin, saying the scheme forced commercial vessels to buy coverage to pass through the Strait of Hormuz and funnelled the proceeds to the Islamic Revolutionary Guard Corps.
Bitcoin Weekly Forecast: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.
Bitcoin: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.