|

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

Top 3 Price Prediction: BTC, ETH and XRP retreat as Fed rate decision looms

Bitcoin, Ethereum and Ripple remain under pressure and consolidate at the time of writing on Wednesday after falling more than 3%, 4% and 9%, respectively, as the Clarity Act failed to advance in the Senate on Tuesday.

Crypto Overview: Bitcoin falls to $75,000 as CLARITY Act fails to advance – Pi Network, Injective lead losses
Bitcoin (BTC) price trades around $75,000 on Wednesday, following a 3% decline the previous day as the US Senate failed to advance the CLARITY Act to a cloture vote. The broader cryptocurrency market's risk-on sentiment eases, with over $600 million in liquidations in 24 hours, driven primarily by long-position unwinding.
CLARITY fails to pass Senate, what happens next?
The US Senate on Tuesday blocked further consideration of the Digital Asset Market Clarity Act, with a procedural vote falling short of the 60 required YEA. The motion to advance the bill failed 49-50, with all 49 supporting votes coming from Republicans. The setback leaves the market-structure bill stalled as Congress moves closer to its midterm election recess.
Ethereum Price Forecast: ETH continues to attract capital despite impending rate hike and Clarity Act failure
Ethereum (ETH) declined to $2,400 on Tuesday after the Clarity Act failed to progress in the Senate. Despite that and the market's near certainty of an interest rate hike at the next Federal Reserve (Fed) meeting, the top altcoin has continued to attract fresh capital. Ethereum buyers have been dominating sellers over the past few days.
Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.