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SushiSwap leads DEX token gains as SUSHI price rises by 23% in 24 hours

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SushiSwap (SUSHI) prices crept higher on Sept. 16 following another day of gains for decentralized exchange (DEX) tokens.

The SUSHI/USD exchange rate rose by 7.54%, or $1.14, to reach $16.31 for the first time since May 21. The pair’s upside move pushed its 24-hour adjusted timeframe profits up to 23%, making SUSHI the best-performing DEX token in the given period.

For instance, UNI, the token representing the leading DEX Uniswap by market cap, jumped 6.23% against the U.S. dollar in the previous 24 hours. Meanwhile, PancakeSwap (CAKE) rose 2.5%, THORChain (RUNE) climbed circa 13%, and Curve (CRV) inched higher by over 4.5%.

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The performance of top DEX tokens in the previous 24 hours. Source: Messari

Why SushiSwap is leading the DEX pack?

Decentralized finance sector analyst Kris Kay noted that SushiSwap, as a DEX platform, has lately branched out to more blockchains than its peers. As a result, it has been generating more fees for its users, thus raising the prospect of holding SUSHI tokens.

Specifically, the latest bout of buying in SUSHI markets came a day after SushiSwap announced its deployment on Arbitrum, a layer-2 scaling solution for Ethereum-powered decentralized applications or DApps.

It also revealed that stakers had locked $30 million worth of SUSHI tokens into Arbitrum’s smart contracts.

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Kay noted that SushiSwap’s efforts to scale its DEX solutions across multiple layer-1 and layer-2 chains also cater to its ecosystem’s growth. For instance, the platform has launched many new services in recent months, including DeFi liquidity provider Onsen and lending/borrowing dapp Kashi. 

On Sept. 2, SushiSwap also unveiled the first look of its upcoming non-fungible token (NFT) marketplace, dubbed Shoyu. The sales volumes for blockchain-verified unique digital collectibles grew to $2.5 billion in the first half of 2021 from $13.7 million in the first half of 2020.

SUSHI price outlook

As a result, SUSHI has beaten its DEX rivals in terms of interim returns. Its profits in the previous seven days sit over 45% compared to UNI’s 16.93%. Nonetheless, SUSHI lags in year-to-date (YTD) gains, jumping more than 370% compared to UNI’s 474% gains.

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Meanwhile, PancakeSwap’s CAKE has led the top DEX pack after delivering more than 3,330% YTD returns.

“SushiSwap is currently the 5th highest earning protocol,” Kay tweeted, hinting that the DEX has a likelihood of growing higher in the coming sessions.

“SushiSwap started out as a decentralized exchange, but it’s evolving to so much more,” he said.

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“A suite of DeFi products, all generating revenue for the community treasury, and of course SUSHI holders.”https://twitter.com/thekriskay/status/1437821897144774669?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1437821897144774669%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fsushiswap-leads-dex-token-gains-as-sushi-price-rises-by-23-in-24-hours

On the technical charting front, SUSHI has fallen behind in the recent altcoin market boom. But the SushiSwap token’s climb in the recent sessions has had it break above $15, a key psychological resistance level, now acting as support.

SUSHI/USD daily price chart featuring its next upside price targets. Source: TradingView.com

Scott Melker, an independent market analyst, noted that there are thin resistance lines ahead, meaning that SUSHI could head higher to form a new all-time high. The previous SUSHI/USD peak sits at $24.69. Melker added:

“Those lines at the top are the target, although we know that if they flip to support, we will have price discovery for new highs.”

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Sushiswap Price Analysis: SUSHI slowly continues to retrace after higher high was set at $12

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  • Sushiswap price analysis is bearish today.
  • SUSHI/USD retraced below $11 previous support.
  • Market likely to reverse later this week.

Sushiswap price analysis is bearish today as a further retracement is needed before another rally can begin. Therefore, we expect SUSHI/USD to continue lower today, with the $10.5 mark as the next local support.

Sushiswap Price Analysis: SUSHI slowly continues to retrace after higher high was set at $12 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with various results over the last 24 hours. The market leader, Bitcoin, gained 0.1 percent, while Ethereum is down by 2.79 percent. Meanwhile, Dogecoin (DOGE) is up by 15.33 percent.

Sushiswap price movement in the last 24 hours: Sushiswap retraces below $11

SUSHI/USD traded in a range of $10.73 – $11.78, indicating a moderate amount of volatility over the last 24  hours. Trading volume has declined by 40 percent and totals $215.9 billion, while the total market cap trades around $1.387 billion, ranking the coin in 75th place overall.

SUSHI/USD 4-hour chart: SUSHI to see more downside before reversal

On the 4-hour chart, we can see the Sushiswap price action still looking for further downside to set a higher low and reverse from.

Sushiswap Price Analysis: SUSHI continues to retrace after higher high was set at $12
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has mostly traded in a consolidation so far this month. Resistance can be seen around $11-$11.5, while support is around $9.5-$10.

After setting a slightly lower low on the 13th of October, SUSHI/USD finally broke above the $11 resistance, peaking at $12. Since then, a retracement has followed over the last 24 hours as further upside could not be set.

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Overall, Sushiswap price action still needs to retrace before more upside can be seen. However, the higher high set over the weekend indicates that the overall market momentum is turning increasingly more bullish.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish today as the $11 support has been broken, and more retracement is needed after a higher high was set at $12 over the weekend. Therefore, SUSHI/USD will likely see the $10.5 mark tested over the next 24 hours.

While waiting for Sushiswap to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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Sushiswap Price Analysis: SUSHI slowly consolidates below $11, breakout today?

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  • Sushiswap price analysis is bullish.
  • SUSHI/USD continues to respect $11 resistance.
  • A brief retest of $10 support was seen yesterday.

Sushiswap price analysis is bullish today as downside momentum was rejected again, indicating that bulls are still building momentum to attempt a breakout above the $11 resistance. Therefore, we expect SUSHI/USD to move higher over the next 24 hours and target the $12 resistance next.

Sushiswap Price Analysis: SUSHI slowly consolidates below $11, breakout today? 1
Cryptocurrency heat map. Source: Coin360

The crypto market traded in the green over the last 24 hours, with Bitcoin leading the way as it gained 5.54 percent. Meanwhile, Ethereum followed, with a gain of 5.19 percent, while Shiba Inu (SHIB) continued to dominate the market, with a gain of almost 50 percent.

Sushiswap price movement in the last 24 hours: Sushiswap finds support above $10 again

SUSHI/USD traded in a range of $10.04 – $10.92, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.1 percent and totals $275.4 billion, while the total market cap trades around $1.35 billion, ranking the coin in 79th place overall.

SUSHI/USD 4-hour chart: SUSHI to break $11 today?

On the 4-hour chart, we can see the Sushiswap price action still consolidating as bulls prepare to break higher.

Sushiswap Price Analysis: SUSHI still consolidates below $11, breakout today?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has seen strong bearish momentum over the past weeks. After a strong decline from the $16 previous major swing high, support was eventually established around the $9 mark at the end of September.

Since then, a spike higher was seen on the 26th of September, with the following retracement setting a higher high at $9.25. From there, SUSHI/USD set a lower high around $11.25 during the first days of December.

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Overall the Sushiswap price action development indicates that the market is in indecision right now. Likely we will see further consolidation over the next 24 hours. However, a break above the $11 is a strong possibility.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish today as any further downside was rejected above the $10 support again, indicating that a new higher low is set. Therefore, we expect SUSHI/USD to either continue consolidating or break above the $11 mark over the next 24 hours.

While waiting for Sushiswap to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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SUSHI Price Analysis: Amid High Demand Price Approaching Key Resistance, Is A Breakout Imminent?

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SUSHIUSDT gained roughly 7.6% within the last 24hrs in the face of recent FUD by an anonymous white hack hacker who took part in the platform’s ImmuneFi bug bounty program. The decentralized exchange [DEX] stays range-bound trading within the $5.9681 and $22.5674 significant resistance and support levels on the higher time frames. Meanwhile, the 4HR time frame gives clues that we may be heading towards the upper bound of the long-term price range.ADVERTISEMENT

Let’s probe deeper into the price charts of the AMM decentralized exchange, starting from the daily time frame. 

SUSHISWAP (SUSHI) Daily Chart Analysis

The governance token SUSHI dipped into a correction phase on 26 August, as the RSI crossed below the level-25 from the top. It sends the price chart into an expanding channel enclosed by bullish and bearish divergence patterns on 10 September and 16 September ’21.ADVERTISEMENTGoMeat ICO Launched – 15% Bonus!

A bullish engulfing candlestick pattern closed above a bearish inside bar resistance [$9.0609] on 25 September, showing immunity to the China crypto ban, and suggesting a price surge to the upper bound of the expanding channel at $16.1864.

SUSHISWAP (SUSHI) 4HR Chart Analysis

The above 4HR chart annotations show the SUSHIUSDT entering a range-bound market structure after the RSI went below level-25 on 18 September ’21 00:00.

A rather recent bullish divergence pattern on 29 September 20:00, that has forced the RSI above the level-75 shows that the bulls are getting ready to exit the current price range.

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Bullish/Bearish Scenario

A price close above the $11.9625 price ceiling with a second entry of the RSI above level-75 will confirm absolute dominance by the bulls. On the contrary, we may see further price dip, if the bears force the SUSHI price below the $8.51 support.

SUSHISWAP SUSHI Intraday Levels

  • Spot rate: $10.7482
  • Mid–Term Trend [H4]: Slowing Bearish bias
  • Volatility: Low
  • Support: $8.510 and $9.2308
  • Resistance: $11.9625 and $16.1864

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