YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

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

October 14, 2022
in Bitcoin
Reading Time: 3 mins read
A A
Sushiswap Cracks 24% Gains As Market Rebounds; Is This A Fakeout?
ShareShareShareShareShare

You might also like

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?

February 2, 2023
Jim Cramer says ignore the crypto cheerleaders

Bitcoin, S&P 500 almost hit golden cross as bullish trend grows

February 2, 2023
  • SUSHI price shows real relief signs after a long while, as the price could be set to retest at $2.5 if this trend needs to be sustained. 
  • SUSHI tops the crypto price as it cracks over 24% gain in less than 24 hours. 
  • The price of SUSHI shows bullish signs as the price reclaims the 50 Exponential Moving Average (EMA) with good volume. 

The price of Sushiswap (SUSHI) has recently struggled to reclaim its bullish strength against tether (USDT), rallying from a low of $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. Still, the likes of Sushiswap (SUSHI) have shown incredible strength. (Data from Binance)

Sushiswap (SUSHI) Price Analysis On The Weekly Chart

After seeing the market drop instantly with the CPI news, the market rebounded as what looked like a short squeeze, with Bitcoin (BTC) rallying from a low of $18,200 with what seems to be a demand zone for most buyers and institutions. The price bounce has been a catalyst for most altcoins, including SUSHI, producing over 24% gains in less than 24 hours of movement. 

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.

October started looking rosy for altcoins, as altcoins had significant strength to rally. Many traders hope this will be a month of Uptober for the crypto industry haven experienced a tough bear season.

The price of SUSHI saw its price rally from a low of $0.5 to an all-time high of $20, but that region soon rejected the price, and SUSHI has struggled to rekindle that bullish run as price declined to a low of $1.

But the price of SUSHI seems to have found its mojo as price gears for a rally to a high of $2.5 if this current structure remains intact.

Weekly resistance for the price of SUSHI – $2.5.

Weekly support for the price of SUSHI – $1.

Price Analysis Of SUSHI On The Daily (1D) Chart

Daily SUSHI Price Chart | Source: SUSHIUSDT On Tradingview.com

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. The price of $1.2 corresponds to the 50 EMA acting as support for the SUSHI price. 

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 

Credit: Source link

Related Stories

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?
Bitcoin

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?

February 2, 2023
Jim Cramer says ignore the crypto cheerleaders
Bitcoin

Bitcoin, S&P 500 almost hit golden cross as bullish trend grows

February 2, 2023
Smart Contract Token Market Soars to $332 Billion; Defi Value Reaches High Not Seen Since FTX Collapse – Defi Bitcoin News
Bitcoin

Smart Contract Token Market Soars to $332 Billion; Defi Value Reaches High Not Seen Since FTX Collapse – Defi Bitcoin News

February 2, 2023
CleanSpark Mines Record 697 Bitcoin In January, A 50% Increase Since December
Bitcoin

CleanSpark Mines Record 697 Bitcoin In January, A 50% Increase Since December

February 2, 2023
Next Post

ZEBEDEE Launches NBD, Non-Profit For Open Source Bitcoin Development - Bitcoin Magazine

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bithumb’s Owner Arrested on Charges of Price Manipulation (Report)

Bithumb’s Owner Arrested on Charges of Price Manipulation (Report)

February 2, 2023
Dungeons & Dragons Reverses Course on NFT Ban Amid Backlash

Dungeons & Dragons Reverses Course on NFT Ban Amid Backlash

January 30, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,524.00 0.84%
    • ethereumEthereum (ETH) $ 1,647.81 0.44%
    • tetherTether (USDT) $ 1.00 0%
    • bnbBNB (BNB) $ 324.58 2.22%
    • usd-coinUSD Coin (USDC) $ 1.00 0.14%
    • xrpXRP (XRP) $ 0.410999 0.87%
    • binance-usdBinance USD (BUSD) $ 1.00 0.2%
    • cardanoCardano (ADA) $ 0.399451 0.41%
    • dogecoinDogecoin (DOGE) $ 0.091371 3.22%
    • matic-networkPolygon (MATIC) $ 1.19 0.61%
    • okbOKB (OKB) $ 39.85 5.19%
    • solanaSolana (SOL) $ 24.32 2.61%
    • staked-etherLido Staked Ether (STETH) $ 1,644.80 0.55%
    • polkadotPolkadot (DOT) $ 6.56 1.4%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 1.74%
    • litecoinLitecoin (LTC) $ 99.08 1.38%
    • avalanche-2Avalanche (AVAX) $ 21.26 1.71%
    • tronTRON (TRX) $ 0.063865 0.89%
    • uniswapUniswap (UNI) $ 7.13 4.7%
    • daiDai (DAI) $ 1.00 0.02%
    • cosmosCosmos Hub (ATOM) $ 14.36 2.99%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,456.00 1.13%
    • chainlinkChainlink (LINK) $ 7.12 1.35%
    • the-open-networkToncoin (TON) $ 2.36 1.14%
    • leo-tokenLEO Token (LEO) $ 3.37 0.34%
    • moneroMonero (XMR) $ 172.94 2.71%
    • ethereum-classicEthereum Classic (ETC) $ 22.46 0.34%
    • aptosAptos (APT) $ 17.23 4.81%
    • bitcoin-cashBitcoin Cash (BCH) $ 137.19 1.17%
    • stellarStellar (XLM) $ 0.091991 0.47%
    • apecoinApeCoin (APE) $ 5.90 2.24%
    • quant-networkQuant (QNT) $ 144.46 2.68%
    • nearNEAR Protocol (NEAR) $ 2.44 0.95%
    • filecoinFilecoin (FIL) $ 5.47 3.69%
    • crypto-com-chainCronos (CRO) $ 0.080382 0.49%
    • lido-daoLido DAO (LDO) $ 2.28 0.35%
    • algorandAlgorand (ALGO) $ 0.256708 2.19%
    • hedera-hashgraphHedera (HBAR) $ 0.067186 3.59%
    • vechainVeChain (VET) $ 0.024151 2.55%
    • fantomFantom (FTM) $ 0.603537 4.39%
    • internet-computerInternet Computer (ICP) $ 5.79 4.39%
    • decentralandDecentraland (MANA) $ 0.786177 1.84%
    • axie-infinityAxie Infinity (AXS) $ 11.22 1.6%
    • aaveAave (AAVE) $ 88.81 0.63%
    • the-sandboxThe Sandbox (SAND) $ 0.747584 2.65%
    • eosEOS (EOS) $ 1.07 0.9%
    • flowFlow (FLOW) $ 1.11 1.22%
    • elrond-erd-2MultiversX (EGLD) $ 45.06 2.29%
    • theta-tokenTheta Network (THETA) $ 1.07 0.89%
    • fraxFrax (FRAX) $ 0.998848 0.44%