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The price of the SushiSwap token has witnessed a significant increase during today’s trading activity. Nevertheless, it appears that some traders have been using the opportunity to take their profit, introducing some bearish characteristics to the market. Will the uptrend continue? Let’s try to find out.
SushiSwap’s Statistics:
Current SUSHI Value: $1.445
SUSHI Market Cap: $335,352,988
SushiSwap Circulating Supply: 232,049,314
SUSHI Total Supply: 250,204,042
SushiSwap CoinMarketCap Rank: 162
Key Price Levels:
Resistance: $1.445, $1.500, and $1.600
Support: $1.400, $1.300, and $1.200
SushiSwap Holds onto Bullish Hopes Despite Significant Downward Corrections
The SUSHI daily market reveals that price activity in this market has found a new support level at the $1.000 mark, holding since November 2023. In recent trading sessions, the market seems to have obtained another support above the $1.200 mark and has moved more strongly off this baseline.
The ongoing session has printed significant profits, but the appearance of an upper shadow on this price candle shows that price action has seen moderate bearish corrections in the session as well. Nevertheless, the ongoing session continues to occur above the red and green Guppy Multiple Moving Average (GMMA) curves. Also, the Moving Average Convergence Divergence indicator maintains its upward trajectory, signaling that upside forces are still in play here.
SUSHI Buyers Resist Headwinds
The SushiSwap 4-hour market has clearly revealed how trading activities has been proceeding in the market. It is seen that the previous session saw a sharp price spike, attracting downward forces in the ongoing session. The last red price candle seems to have presented moderate losses. Nevertheless, the appearance of a lower shadow reveals that upside forces are trying to restore prices to an upward trajectory.
Price action remains above the GMMA lines, while the Moving Average Convergence Divergence (MACD) indicator lines remain pointed upwards. Consequently, this suggests that the market may still trend upwards, and bullish crypto signals may still be useful as the market tends towards the $1.550 mark.
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