SushiSwap Price Analysis: SUSHI rebounds strongly as whales buy the dip
- Sushiswap price had a significant rebound from a low of $0.929, reaching $1.285 shortly after.
- SUSHI bulls seem to be anticipating higher highs despite the weakness of the broader crypto market.
The entire cryptocurrency market suffered a massive crash on Thursday. Sushiswap price dropped by more than 20% within hours but managed to recover almost instantly, hitting $1.285.
Sushiswap price is looking for a higher high
On the 12-hour chart, SUSHI managed to create a dragonfly Doji candlestick, which is a very bullish sign. This candlestick indicates that investors are buying the dip, anticipating higher prices in the short-term.
SUSHI/USD 12-hour chart
The bullish view is reinforced as the TD Sequential indicator seems to be on the verge of presenting a buy signal – in the form of a red nine candle – for the first time since October 17. Bulls have also defended the 50-SMA at $1, establishing this moving average as a robust support level.
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SUSHI Holders Distribution chart
Surprisingly, the number of whales holding more than 1,000,000 coins has increased by two this week despite the price crash. That is another sign that investors are buying the dip.
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SUSHI IOMAP chart
The In/Out of the Money Around Price (IOMAP) chart shows a potential price target between $1.28 and $1.32 as this is the most vital resistance area where 177 addresses purchased 10.6 million SUSHI tokens.
On the other hand, the IOMAP chart indicates that there is only one critical support range between $1.11 and $1.14. A breakdown from this area could drive Sushiswap price towards $1 in the short-term.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
