- Sushi price is up by 27% in the past 24 hours taking the lead despite the recent market sell-off.
- The digital asset aims for another leg up towards $8 as whales continue to accumulate.
Sushi has established a massive uptrend since November 2020 reaching a new all-time high at $7.79 on January 17, 2021, ignoring the first two days of volatile trading. The digital asset had a major 33% pullback but seems to be ready to resume the uptrend.
SushiSwap price on its way to $8 as whales keep accumulating
Despite Sushi price experiencing new all-time highs, whales have continued to accumulate even more coins as they believe the digital asset could rise even higher in the long-term.
SUSHI Holders Distribution chart
Since January 1, 2021, the number of whales holding between 100,000 and 1,000,000 SUSHI ($670,000 and $6,700,000) has increased from 18 to 39, a significant spike that indicates there is a lot of buying pressure behind the token.
SUSHI/USD daily chart
On the daily chart, bulls have defended the 26-EMA once again, which has been a robust support level since November 13, 2020. The digital asset faces practically no resistance until $7.79 and aims to hit $8.
SUSHI IOMAP
This bullish perspective is corroborated by the In/Out of the Money Around Price (IOMAP) model which shows only one significant barrier between $6.69 and $6.89. A breakout above this range can easily drive Sushi price towards $8.
However, the model also indicates that support below $6.5 is fairly weak. If bulls cannot push Sushi above the only resistance area seen on the IOMAP, the digital asset could fall towards $6.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.