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Today, the SushiSwap token (SUSHI) has secured the second spot on the daily top crypto movers list, registering a 7.50% price gain. While this reflects a price increase, the rebound appears weak. Below is a more detailed analysis.
Sushi Statistics
Current Price: $0.622
Market Capitalization: $164.44M
Circulating Supply: 267.03M
Total Supply: 280.68M
CoinMarketCap Rank: 234
Key Price Levels
Resistance: $0.700, $0.900, $1.100
Support: $0.600, $0.500, $0.400
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SUSHI/USDT Posts Only Minimal Gains
The SushiSwap daily market has been experiencing strong headwinds for a considerable period. As a result, price action has continued declining toward lower support levels.
In the ongoing session, a green candle has appeared, indicating that bullish forces are temporarily prevailing. However, price action remains below all Moving Average (MA) lines, suggesting that the market is still downtrend.
Additionally, the Stochastic Relative Strength Index (RSI) lines are sloping downward toward the oversold region while showing signs of convergence. This technical setup aligns with the weak upward rebound seen in the current session.
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SUSHI Extends Minimal Gains
On the 4-hour chart, price action has continued its upward movement for the second consecutive session. While this is a positive development, it still suggests that the market remains under bearish pressure, as price action remains below the MA lines.
Meanwhile, the Stochastic RSI lines are trending upward, which correlates with the current price movement and suggests that bullish momentum may be building. If this momentum sustains, traders may anticipate a potential push toward the $0.700 resistance level.
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