SUSHI Technical Analysis: Price Fell Below the First Fibonacci Support Level of $19.65

SushiSwap is a decentralized platform that is a one-stop solution for swapping, leveraging, lending, borrowing, and earning digital tokens. It facilitates multi-chain digital money transactions as well. Users can build innovative apps on this platform, incur low gas fees, and earn high yields. SUSHI is the native token of this ecosystem and the technical analysis is as follows:

Past Performance

On May 12, 2021, SUSHI started trading at $15.25. On May 18, 2021, SUSHI closed at $21.44. Thus, in the past week, the SUSHI price has increased by roughly 41%. In the last 24 hours, SUSHI has traded between $18.97-$21.98.

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Day-Ahead and Tomorrow

Currently, SUSHI is trading at $19.07. The price has decreased from the day’s opening price of $21.44. Thus, the market seems to be bearish.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to decrease further.

Currently, the RSI indicator is at 21% – deep into the ‘oversold’ region. Thus, selling pressures are very high. Like the MACD indicator, the RSI indicator is also pointing towards a price decline. This may be a good time for swing traders to go long.

The A/D indicator has fallen steeply too. Thus, distribution activity is much higher than accumulation activity. Hence, the A/D indicator is giving further credence to the bearish signals shown by the other oscillators.

SUSHI Technical Analysis

Currently, the price has fallen below the first Fibonacci pivot support level of $19.65. The price is likely to fall below the subsequent support levels of $18.94 and $17.79 respectively, after some time.

Presently, the price has tested and fallen below the 23.6% FIB retracement level of $19.68. The price may soon fall below the 23.6% FIB extension level of $18.26. Thus, as of now, the bears are strong, and the price downtrend is expected to continue tomorrow as well.