Since the past month, the SUSHI price has been continually rising. In the past 5 days, the price has increased from approx $9 to $14 – a 55% surge. SUSHI Price Increasing with Surge in DeFi With Bitcoin struggling to gain upward momentum, traders have turned towards the DeFi sector. This has been the primary reason for the surge in Sushiswap trading volumes. Sushiswap’s share in the DeFi market is increasing rapidly. In the past 24 hours, SUSHI has traded between $13.37 and $15.68. The closing price on February 3, 2021, was $14.21. https://ift.tt/36FC8eh Technical Indicators for Today and Tomorrow Currently, SUSHI is trading at $15.16. The A/D indicator, the OBV indicator, and the price line are rising. Thus, accumulations are more than distributions. In other words, buying volumes are greater than selling volumes. Thus, the SUSHI price is showing a bullish trend. Currently, the RSI indicator is at 44%. A few hours back, it had risen above 70% into the ‘overbought’ region. Thereafter, it steadily fell down to the current level. An RSI value below 50% indicates that sell-offs are more. The RSI and the SUSHI price going in opposite directions indicates that the price uptrend may reverse. The MACD and signal lines have fallen below the zero line. They have become negative indicating a bearish market momentum. The MACD line has crossed below the signal line giving further credence to an impending price downtick. The AO indicator has also become negative. But, the ‘sell’ signal is not strong enough to confirm a price downtrend. The ADX line is falling while the price is rising. Thus, there is a bearish divergence implying that the price uptrend may not sustain. Currently, the SMA and EMA lines are slightly below the price line. But, the divergence is too small to confirm a price downswing. If we look at the Bollinger Band, the current price is neither closer to the upper band nor the lower band. Thus, the buying and selling pressures are almost equal. Presently, SUSHI is trading above the first Fibonacci pivot resistance level of $15.30. If the price manages to break out of the second resistance level of $15.84, then the uptrend will continue. A downtrend does not look imminent as of now. But, since most of the oscillators have indicated an impending trend reversal, a price downtrend may set it. If the price falls below the three Fibonacci pivot support levels of $13.55, $13.01, and $12.14 respectively by tomorrow, then a bear-run is confirmed.
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