SushiSwap (SUSHI) has been one of the most successful cryptocurrencies in the DeFi sector. It is a decentralized cryptocurrency exchange built on the Ethereum blockchain. SUSHI is the governance token of this blockchain. Past Trends On March 9, 2021, SUSHI opened at $17.26. As of March 15, 2021, SUSHI closed at $19.85. Thus, in the past week, SUSHI price has surged by approximately 15%. In the last 24 hours, SUSHI has traded between $18.64 and $21.44. https://ift.tt/30NcMrr Day-Ahead and Tomorrow Today morning, the opening price of SUSHI was $19.83. Currently, SUSHI is trading at $19.07. Thus, the price has dropped since morning. The market looks bearish. The OBV indicator has fallen steeply. Thus, selling pressures are more than the buying pressures. Thus, high selling volumes will push the SUSHI price downwards. Hence, we can expect the price to fall further. Currently, the RSI indicator is at 42%. It has just rallied from the 30% mark. It is a good time for day traders to go long. Buying activity is slowly picking up. However, since the selling pressures are still on the higher side, a price pullback cannot be averted. Look for the next 4 hours. The MACD and signal lines are in the negative region. A bearish crossover by the MACD line over the signal line has occurred too. Hence, the market momentum is bearish. Hence, we can expect the price to dip further. SUSHI Price Analysis Currently, the price is below the Fibonacci pivot point of $19.97. It is moving closer to the first support level of $18.90. However, the price may fall below this support level as the bears are currently strong in the SUSHI market. The price has tested and fallen below the 38.2% and 23.6% FIB retracement levels of $19.71 and $19.30, respectively. By the end of the day, it may fall below the 23.6% FIB extension level of $17.98. In that case, the bearish price trend will continue tomorrow as well.
The post SUSHI in a Bearish Dip Below $17- Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
