Sushiswap Cracks 24% Gains As Market Rebounds; Is This A Fakeout?
- SUSHI price shows real relief signs after a long while, as the price could be set to retest at $2.5 if this trend needs to be sustained.
- SUSHI tops the crypto price as it cracks over 24% gain in less than 24 hours.
- The price of SUSHI shows bullish signs as the price reclaims the 50 Exponential Moving Average (EMA) with good volume.
The price of Sushiswap (SUSHI) has recently struggled to reclaim its bullish strength against tether (USDT), rallying from a low of $0.5 to $20. The crypto market faced a new setback as Bitcoin’s (BTC) price dropped from $19,000 to $18,100 as the Consumer Price Index (CPI) suggested an increase in inflation, affecting the price of BTC negatively, with altcoins affected. Still, the likes of Sushiswap (SUSHI) have shown incredible strength. (Data from Binance)
Sushiswap (SUSHI) Price Analysis On The Weekly Chart
After seeing the market drop instantly with the CPI news, the market rebounded as what looked like a short squeeze, with Bitcoin (BTC) rallying from a low of $18,200 with what seems to be a demand zone for most buyers and institutions. The price bounce has been a catalyst for most altcoins, including SUSHI, producing over 24% gains in less than 24 hours of movement.
It’s still yet to be seen if this bounce is a fakeout or will be sustained as Bitcoin Dominance continues to rise; this will impact the price of altcoins, especially when BTC retraces, causing more retracement for altcoins.
October started looking rosy for altcoins, as altcoins had significant strength to rally. Many traders hope this will be a month of Uptober for the crypto industry haven experienced a tough bear season.
The price of SUSHI saw its price rally from a low of $0.5 to an all-time high of $20, but that region soon rejected the price, and SUSHI has struggled to rekindle that bullish run as price declined to a low of $1.
But the price of SUSHI seems to have found its mojo as price gears for a rally to a high of $2.5 if this current structure remains intact.
Weekly resistance for the price of SUSHI – $2.5.
Weekly support for the price of SUSHI – $1.
Price Analysis Of SUSHI On The Daily (1D) Chart
Daily SUSHI Price Chart | Source: SUSHIUSDT On Tradingview.com
The daily timeframe for the price of SUSHI looks good, showing incredible strength as the price reclaimed the 50 Exponential Moving Average (EMA), acting as resistance for SUSHI’s price on the daily timeframe. The price of $1.2 corresponds to the 50 EMA acting as support for the SUSHI price.
SUSHI’s price is faced with the task of flipping key resistance at $1.6 into support; if the price of SUSHI succeeds, we could see a rally to $2.
Daily resistance for the price of SUSHI – $1.6.
Daily support for the price of SUSHI – $1.2.
Featured Image From NBTC, Charts From Tradingview