SUSHI Continuously Get Rejected at the $1.505 Price Level

After SushiSwap took its basis at the $1.165 support on the 13th of October, it trended up for two days with a very strong upward push of the price. The way the market moved, it is easy to expect the market to continue the trend; raising the price upward and breaking many price levels. But at the $1.165 resistance level, the trend gets cut short several times as bulls kept making several attempts to cross this price level to no avail.

 Sushiswap Market Price Statistic:

• SUSHI/USD price now: $1.304
• SUSHI/USD market cap: $
• SUSHI/USD circulating supply:
• SUSHI/USD total supply: 1,000,000,000
• SUSHI/USD coin market ranking: #

Key Levels

• Resistance: $1.322, $1.400, $1.586
•  Support: $1.160, $1.117, $1.058

Sushiswap Market Price Analysis: The Indicators’ Point of View

On the 18th of October, the buyers of SushiSwap became more ambitious to break the resistance level. It had established a new support level that is higher than the one it had on the 13th of October. The new support level of the 18th of October at $1.415 is much closer to the price level that is proving difficult. As bulls brought the support closer to the difficult resistance level with much stronger determination, they expected to break the price level. Yet again, the price advancement breaks down at this same resistance. The price was rejected greatly and now the price has dropped to the midpoint of the two indicators used for this analysis.

SUSHI/USD 4-Hour Chart Outlook

Here we can see that it looks like the bearish momentum is reducing, although the first three sessions of today have gone in favour of the sellers. The third session shows a tiny candlestick which signifies a reduction in the interest of the traders to sell. Although the price has fallen below the previous support, it may establish new support higher than the one on the 13th of October.

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