Sushi Price Prediction: SushiSwap has been on a downward trend but showing signs of a massive 30% breakout

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TL;DR Breakdown

  • SUSHI price prediction shows SushiSwap is yet to break out of the current ascending triangle pattern but is showing signs of surging upwards.
  • SUSHI’s MACD technical indicator has validated the bullish outlook following the move to settle above the signal line.
  • If SushiSwap fails to settle above the $19 mark, it risks abandoning its price rally.

SushiSwap might not sound like an appropriate cryptocurrency name, but it is quickly gaining popularity in the crypto sphere. Those who do not know how this cryptocurrency and blockchain project works try to make mainstream cryptocurrency exchanges such as Binance and Coinbase a thing of the past. Besides, why trade using a centralized exchange platform that acts as a middleman while you can buy and sell virtual currencies with other addresses directly?

SUSHI Price Prediction: General price overview

At the time of writing, SushiSwap is exchanging hands above the $18.5 mark after continuing with its current price dip. According to market pundits, the recent price decline will be instrumental to the predicted price surge. Therefore, bulls appear to be readying themselves for a potential 30% bull run.

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At present, whales are taking advantage of the ongoing price dip to accumulate their SUSHI digital tokens. Another factor supporting SUSHI‘s impressive bullish outlook is the substantial increase in the blockchain project’s trading volume this year. For instance, on 1st January, SUSHI recorded more than $185 million in trading volume throughout 24-hours.

The number skyrocketed to about 709 million on 8th January and continued soaring higher. At present, the average trading volume for this crypto asset is about $500 million, according to data availed by coinmarketcap.com. Also, the digital asset has witnessed a colossal increase in daily trading volume from an average of $100,000 to over $300,000 currently. Regarding addresses holding between 100,000 to 1,000,000 SUSHI coins, the crypto network has recorded an increment of more than 20 percent in the last few weeks. If the current buying pressure continues surging, SUSHI‘s price is likely to catch up soon.

SUSHI price movement in the past 24 hours

Despite SushiSwap experiencing a continuous price decline in trading today, the crypto coin is experiencing a surge of whales buying the token with the hope to push its prices to rise. At the time of writing, SUSHI is trading around the $18.7 region. This is below the immediate crucial support line of $19.6.  

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Although the crypto coin is experiencing a price dip at present, an ascending triangle pattern appears to be taking shape. If SUSHI manages to breakout past the x-axis, the price surge might happen sooner than expected.

SUSHI 4-hour chart

On SUSHI’s 4-hour chart, the Moving Average Convergence Divergence (MACD) technical indicator insinuates the crypto asset is in for a price surge. This is evident by MACD’s blue line revolving above the charts midline. Usually, it is possible to predict a bullish momentum when the MACD blue line from the negative zone settles above the mean area.

According to the chart, for SUSHI to surge past the $20 mark, it has to hold above the 50 Simple Moving Average in the near-term. Failure to settle above the $19 mark might lead to further price plummeting.

Conclusion

SushiSwap is an exciting crypto coin as it allows holders to vote on all significant updates involved in the crypto platform. Also known as a governance crypto coin, each coin represents a vote in the network’s voting system.

While SushiSwap might not be the only DEX to offer governance to crypto coins, it is different as it is the only one that goes an extra mile to pay holders for owning their crypto assets. This is one of the reasons this token is quickly gaining popularity in the crypto space.

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