UNIVERSOFSIGNALS| SUSHI: Key Levels and Market Outlook👋 Welcome to UNIVERSOFSIGNALS !
In this analysis, I want to review SUSHI for you. SushiSwap is a DeFi protocol operating in the DEX sector, with its token currently ranked 195th on CoinMarketCap and a market cap of $58 million.
📅 Weekly Timeframe
On the weekly timeframe, we can see a consolidation box between $0.534 and $1.959. Since 2022, the price has been fluctuating within this range, forming a large consolidation zone, with multiple touches to both the upper and lower boundaries of this box.
🔍 As observed, in the last bullish leg, the price broke above the box's upper boundary with a large weekly candle. However, it quickly retraced back into the range after being rejected at $2.734, resulting in a fake breakout.
🧩 Currently, the price is near the lower boundary of the range at $0.534. If this support level breaks, the price could initiate another bearish leg and move toward a new all-time low (ATL). On the other hand, if the upper boundary of the box is broken and price stabilizes above it, we could see an upward movement in SUSHI.
⚡️ The largest and most significant resistance ahead is at $20.444, which is the all-time high (ATH). Reaching this level would be extremely difficult, as it would require a significant increase in market capitalization, meaning a substantial capital inflow into the coin.
✨ Let’s now analyze the daily timeframe to gain more insight into price movement.
📅 Daily Timeframe
On the daily timeframe, as seen in the last bullish leg, the price bounced from the $0.534 support and moved upward. After breaking $0.803, strong bullish momentum entered the market. Additionally, RSI reaching the oversold zone contributed to a stronger bullish push.
🔽 Following this movement, the fake breakout at $1.855 led to the start of a corrective and bearish phase, with the price initially declining to $1.347.
📊 After breaking below $1.347 and retesting it as resistance, the price entered another bearish leg, reaching $0.803. Currently, after some range-bound movement around this level, RSI has exited the oversold zone, and the price seems to be retesting this level as resistance.
✅ If RSI re-enters the oversold zone, the price could drop further to the lower boundary of the range at $0.534, which would not be a good sign for SUSHI. As observed, buying volume has significantly decreased, and most traders in this market are sellers.
🛒 For spot buying, I recommend avoiding this coin for now and waiting for a clear bullish structure to form. At a minimum, SUSHI should start showing strength against Bitcoin.
🧲 From a USDT perspective, if the upper boundary of the range ($1.855) breaks, then $2.734 could serve as a trigger for a buying opportunity.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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