Sushiswap (SUSHI): $4.7 Not the Ceiling, Possible Growth to $8.6
The second breath in the Sushiswap market (SUSHI) opened just in time. The slowdown in the growth trend and local highs restriction by the red curve cast little doubt on the SUSHI price local future.
Constant price contact with the lower trend line of the trend channel could play a dirty trick, such as on 23 December. However, the consistently high trading volumes over the past week, the favorable situation in the crypto market as a whole allowed SUSHI buyers to get out of this trap.
Already on 3 January, the SUSHI price broke the red curve. In such a way it proved that the market has moved from a phase of passive growth to an impulsive.
The greedy purchase of SUSHI proves the imbalance in the market towards the bulls
All the following days, buyers confidently bought the offer of sellers, not allowing organize a correction. Buyers have finally broken away from the bottom trend line today. And they have achieved the main target we wrote about in the previous article.
Though, as we see from the nature of the price growth, the range of $4.6-4.7 may be a temporary stop before a new future growth wave.
One of the facts of this hypothesis is the sharp interest of investors in the range of $3.5-3.6. In fact, during the week, it was from this range that buyers actively bought SUSHI, saving the trend from collapse.
Sellers’ weakness in this range should be realized on the chart in the form of a strong growth wave. Therefore, fixing the price above $4.6-4.7 will be an additional signal for investors to buy the Sushiswap token.
Trading volumes in the Sushiswap (SUSHI) market have increased
Although in the ranking among DeFi tokens the Sushiswap project token SUSHI moved one step lower, the daily trading volumes increased by 30%:
YFI caused the decline in the ranking by daily volumes. As YFI finally re-entered the game, showing an increase by 50% for the week.
Nevertheless, maintaining the range of $4.6-4.7 will open the way for buyers to the mark of $8.6, which still looks quite far and unreachable.
Looking at the SUSHI market situation detaily, it becomes clear that a new local buyers’ attack began on 8 January:
An alternative scenario of price movement in the SUSHI market
The risk of a repeated test of the range $3.5-3.6 may happen after fixing the Sushiswap (SUSHI) price below $4.2. This correction will not break the growth prospects in the market and will not take away the initiative of buyers. If investors who haven’t had time to enter the market keeps this range, they will be able to do so comfortably.
An alternative scenario in the SUSHI market will come after fixing the price below $3.5. By fulfilling this condition, sellers will quickly take away all the profits of investors, which they have accumulated since 26 December.
Peter is a crypto analyst who after getting acquainted with the cryptocurrency market in 2017, immediately transferred it to the friend zone. Peter's passion is analysis and forecasting of the cryptocurrency market, including the DeFi space. In his articles you will find accuracy and prudence.
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