Sushiswap Cracks 24% Gains As Market Rebounds; Is This A Fakeout?

  • After a while the SUSHI Price shows relief signs. The price may retest $2.5 if it continues this trend. 
  • SUSHI rises to the top of crypto prices, registering a 24% increase in just 24 hours. 
  • SUSHI prices are showing signs of bullishness as they reclaim the 50 Exponential Moving Averages (EMA). This price has good volume. 

Recently, the price of Sushiswap has struggled to recover its bullishness against tether USDT (USDT). It rallied from $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. However, Sushiswap’s (SUSHI), has shown tremendous strength. Data from Binance

Sushiswap Price Analysis on The Weekly Chart

The market dropped instantly after the CPI news. However, it rebounded quickly as what appeared to be a short squeeze. Bitcoin (BTC), rallied from $18,200 and is now in a zone of demand for buyers and institutions. SUSHI and most altcoins have seen a price rebound, with over 24% gain in just 24 hours. 

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.

Altcoins started October looking brighter, with altcoins showing significant strength and rallying. Many traders believe this month will bring the cryptocurrency industry a lot of upbeat. The crypto market has not had a difficult bear season.

SUSHI prices rose to $20 from $0.5, but the market soon rejected them. SUSHI is struggling to recapture that bullish trend as its price fell to $1.

However, the SUSHI price seems to be in its groove as it gears up for a rally towards $2.5 if there is no change to its current structure.

Weekly resistance for the price of SUSHI – $2.5.

Weekly support for the price of SUSHI – $1.

Prices Analysis of SUSHI on the Daily (1D), Chart


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. SUSHI prices are supported by 50 EMA. The $1.2 price corresponds with the $50 EMA. 

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 

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