Sushi Swap Breakout Analysis – SUSHI Performing Active Uptrend with +51% Gains in a Week

SushiSwap is trading in uptrend here like many other altcoins are. The Cryptocurrency SuhsiSwap SUSHI just went up +18% in a single day and surges over +51% in a week.

What is SushiSwap?

SushiSwap (SUSHI) is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges that use smart contracts to create markets for any given pair of tokens.

SushiSwap Quick Stats

SYMBOL:SUSHI
Global rank:51
Market cap:$470,260,452 AUD
Current price:$3.01 AUD
All time high price:$4.23AUD
1 day:+18.4%
7 day:+51.70%
1 year:+274.34%

SushiSwap Price Analysis

At the time of writing, SUSHI is ranked 51st cryptocurrency globally and the current price is $3.02 AUD. This is a +51% increase since 26 November 2020 (7 days ago) as shown in the chart below.

Source: TradingView

If we see the above 1-day candle chart, SushiSwap just bounced back from its support levels of $2.13 AUD and holding its position strong for the breakout from the next resistance which is at $3.61 AUD. The blue line is acting as a support level for this Ascending triangle trend.

Advertisement

“An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns.”

Source: TradingView

What do the technical indicators say?

The SushiSwap SUSHI TradingView indicators (on the 1 day) mainly indicate SUSHI as a buy, except the Oscillators which indicate SUSHI as a neutral.

So Why did SUSHI Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent events where an increase in yields for incentivized pools.

Recent SushiSwap News & Events:

Where to Buy or Trade SUSHI?

SUSHI has the highest liquidity on Binance Exchange so that would help for trading SUSHI/USDT or SUSHI/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

Avatar
Author

Crypto News Guest Authors

You may also like