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SushiSwap Fails To Break Major Resistance Zone, Will Bulls Hold $11

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  • Sushi has risen over 13% the last week
  • Price has been held up by 400 MA
  • Sushi Swap is heading towards its mid term trend line

Sushi Swap has been doing fairly well over the last week compared to other coins in its class. Prices are up nearly 13% compared to the majority of coins being down -5%. Sushi Swap hosts a very impressive decentralized app as it offers staking, farming, swapping along with many other services. This platform has been growing in popularity & users over the last month as decentralized finance continues to eat away at all the centralized systems.

As long as the market continues in a bullish fashion, we should expect SUSHI to continue rising in value.

Ever since SUSHI pumped off its low in late July, price has been holding above a mid term trend line very well. Price has bounced off this trend over 5 times which shows it can be relied upon as a strong support area. At the time of writing, SUSHI Is heading towards its last major support of $11.21 before price reaches this mid term trend. A bounce is likely at this trend as it also sits right next to the 400MA.

This MA has been acting as support for over a month now. Any break below this MA & the mid term trend line will result in a bearish trend.

Sushi Swap Price Analysis: SUSHI/USDT 4 Hour Chart

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TradingView Chart
Considering the fact that SUSHI is near major support areas, we may also see a bounce off these levels as it has happened in the past. At the time of writing, SUSHI is trading near the end of its 5 day wedge. A break to the bottom trend of this channel will surely cause price to fall to major support of $11.21. If bulls manage to gain strength in the current moment & SUSHI breaks to the upside of this wedge, price will have to battle out the minor resistance of $12.17. In the event that price breaks & holds this, SUSHI will then head to its major resistance zone that must be fully broken to reach the given targets.

While looking at the Stochastic RSI, we can see strength just fully reset to the oversold region. If strength manages to gain its footing & bounce above the 20 value, SUSHI may be in position to pump out of the top of its wedge. The MACD recently broke the 0 value & is heading down into bearish territory. As long as the MA’s can cross bullish & bounce back above the 0 value, SUSHI will have a good shot at breaking its major resistance.

SUSHI Intraday Analysis

  • Spot rate: $11.56
  • Trend: Bearish
  • Volatility: Medium
  • Support: $11.21
  • Resistance: $12.17

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SushiSwap’s Shoyu Showcase Campaign Goes Live: Taps Metaverse Capabilities

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Less than half a year after the initial proposal, SushiSwap has announced the launch of an NFT and metaverse platform.

SushiSwap, the popular decentralized exchange that saw the light of day last year, will enter the non-fungible token and metaverse spaces. It will do so by releasing a platform aiming to combine the best from both worlds and the initial v0 campaign will go on for ten weeks.

Shoyu Comes to Life

The press release shared with CryptoPotato informed that the name of the new initiative is Shoyu and the official launch date is November 3rd. This comes just five months after the initial proposition was posted on the SushiSwap forums.

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Following a selection period from Shoyu’s curation team that lasted weeks, a number of artists will have the chance to submit their digital artwork in the new NFT platform. Some of the popular names that will be involved in minting digital artwork will include Robert Gallardo, INJURY, Nicolas Sassoon, Thom Mayne, and Keyon Christ.

The team promised that Shoyu will have full compatibility with the entire Sushi ecosystem. Thus, it should become “one of the first artistic marketplaces that marries the art world with the technological innovation of decentralized finance.”

More Than Just The Next NFT Platform

Following the spectacular growth of the NFT industry since the start of 2021, leading to countless new platforms striving to take market shares, SushiSwap has decided to take a bold step by combining non-fungible tokens and the skyrocketing in popularity metaverse field.

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Less than half a year after the initial proposal, SushiSwap has announced the launch of an NFT and metaverse platform.

SushiSwap, the popular decentralized exchange that saw the light of day last year, will enter the non-fungible token and metaverse spaces. It will do so by releasing a platform aiming to combine the best from both worlds and the initial v0 campaign will go on for ten weeks.

Shoyu Comes to Life

The press release shared with CryptoPotato informed that the name of the new initiative is Shoyu and the official launch date is November 3rd. This comes just five months after the initial proposition was posted on the SushiSwap forums.

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Following a selection period from Shoyu’s curation team that lasted weeks, a number of artists will have the chance to submit their digital artwork in the new NFT platform. Some of the popular names that will be involved in minting digital artwork will include Robert Gallardo, INJURY, Nicolas Sassoon, Thom Mayne, and Keyon Christ.

The team promised that Shoyu will have full compatibility with the entire Sushi ecosystem. Thus, it should become “one of the first artistic marketplaces that marries the art world with the technological innovation of decentralized finance.”

More Than Just The Next NFT Platform

Following the spectacular growth of the NFT industry since the start of 2021, leading to countless new platforms striving to take market shares, SushiSwap has decided to take a bold step by combining non-fungible tokens and the skyrocketing in popularity metaverse field.

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Sushiswap Price Analysis: SUSHI/USD eyes $14 mark

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  • Sushiswap price analysis is bullish today.
  • SUSHI/USD above $12 overnight.
  • SUSHI/USD is currently trading at $12.6.

Sushiswap is presently in a bull market, although values dropped by roughly 20%. SUSHI/USD is currently upswing, following a considerably steeper high yesterday and a modest overnight retracement. Today’s price movement should be positive for both buyers and sellers. With today’s $14 level as the first resistance

The price of SUSHI/USD rose to an overnight high of $13.53 before falling back to the $12 level where it is currently trading, after a 30% decrease in value over 24 hours. Do not be fooled by the bullish sentiment and think it will be plain sailing from here on out; there was a 30% drop in price overnight, and those values are likely to retrace.

The price of SUSHI/USD, which was last seen at $13.53 overnight, has since dropped back to around the $12 mark where it is presently trading. There was a 30% drop in value in 24 hours, so be careful not to get carried away by the bullish sentiment.

SUSH/USD has already achieved a 20% price rise in just two days, surpassing the downtrend resistance line on Tuesday. The currency has had two significant increases of more than 20 percent before falling back to the $10 level.

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SUSHI/USD 4-hour chart: SUSHI is currently under heavy selling pressure

On the four-hour chart, we can see that the price of Sushiswap has fallen this morning as profit-taking occurs below the $13 high.

Sushiswap Price Analysis: SUSHI/USD eyes $14 mark 1
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap spent several weeks in a consolidation pattern. Resistance was established at $12, with the $11 mark as a centerline. After more gains were rebuffed, lower lows indicated bearish momentum was building.

On the other side, SUSHI/USD rose to a stunning high on November 1, resulting in a significant boost across the prior day. The highs for Sushiswap were about $13, and it declined somewhat as bulls are likely readying for another push-up.

As a result, the market has resumed its bull run. If our current swing low of $12.3 is maintained, we may anticipate further gains later today. The possible SUSHI/USD target is $14, which was previously a significant reversal point.

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On the four-hour chart, we can see that the price of Sushiswap has fallen this morning as profit-taking occurs below the $13 high.

Sushiswap spent several weeks in a consolidation pattern. Resistance was established at $12, with the $11 mark as a centerline. After more gains were rebuffed, lower lows indicated bearish momentum was building.

Sushiswap Price Analysis: Conclusion 

The Sushiswap market is currently bullish, with a large increase last night followed by a retreat overnight. SUSHI/USD will likely be ready to continue rising soon, with a peak of $12.3 predicted.

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Sushiswap Price Analysis: SUSHI breaks out of consolidation, peaks at $13

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  • Sushiswap price analysis is bullish today.
  • SUSHI/USD broke out of $12 resistance.
  • Bullish momentum peaked at $13.

Sushiswap price analysis is bullish today as a strong higher high was set yesterday, followed by a slight retracement overnight. Therefore, we could see SUSHI/USD push higher later today, with the $14 mark as the next major target.

Sushiswap Price Analysis: SUSHI breaks out of consolidation, peaks at $13 1
Cryptocurrency heat map. Source: Coin360

The overall market saw mostly bullish momentum over the last 24 hours. Bitcoin rallied 1.08 percent, while Ethereum was 1.88 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 18 percent.

Sushiswap price movement in the last 24 hours: Sushiswap sets strong higher high at $13

SUSHI/USD traded in a range of $11.62 – $13.10, indicating strong volatility over the last 24 hours. Trading volume also saw a strong increase of 106 percent, totaling $719 million. The total market cap traded at $1.58 billion, ranking the coin in 82nd place overall.

SUSHI/USD 4-hour chart: SUSHI is currently under heavy selling pressure

On the 4-hour chart, we can see the Sushiswap price moving lower this morning as profit-taking is taking place below the $13 high. 

Sushiswap Price Analysis: SUSHI breaks out of consolidation, peaks at $13
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action saw a several-week consolidation. Resistance was established around $12, with the $11 mark acting as a centerline. Slightly lower lows were set over the end of October, indicating bearish momentum forming after more upside was rejected.

However, SUSHI/USD set a clear higher high on the 1st of November, leading to a sharp rally over the past 24 hours. Sushiswap peaked around $13 and has since seen a slight retracement as bulls likely prepare for another push higher.

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Therefore, we have seen bullish momentum return in the market. If the current swing low around $12.3 holds, we can expect further upside later today. The likely target for SUSHI/USD is located at the $14 mark, as it previously served as a strong reversal point.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish today as we saw a strong advance yesterday, followed by a retracement overnight. Likely, SUSHI/USD will soon be ready to push further, with a higher low set around $12.3.

While waiting for Sushiswap to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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