As 2021 approaches, Sushi Swap (Sushi) Crypto has been one of the top performers in the market over the past week or two. The DeFi coin is currently undergoing a 7-day bullish run and has seen a nearly 35% increase in value over the same period. But can this momentum continue? Before we move on to price analysis, here are some key features:
At the time of writing, SushiSwap (SUSHI) has crossed double digits, trading at $10 and up 10% in 24 hours.
We expect the coin to face major overhead resistance at $10.88 in the coming days.
Despite the bull run, the relative strength index at the time of writing suggests that the token is overbought, creating significant downside risk if investors decide to capitalize on profits.
Data Source: Tradingview.com
Sushi Swap (Sushi) – Price Analysis and Prediction
It’s been a great week for Sushi Swap (sushi), no doubt about it. The coin has hit double digits for the first time in a while. The next major challenge will be to overcome the upper resistance at $10.88. If this indeed happens, we could possibly see SUSHI testing its next resistance at $11.59 and if there is no breakout, the price may consolidate around.
But a major risk factor is the RSI reading. While most technical indicators look bullish, the RSI indicates that the Sushi Swap (Sushi) is overbought. If investors decide to lock in profits, the sushi swap (sushi) could come under significant selling pressure, leading to a pullback towards or near $7.8.
Should You Buy Sushi Swap (Sushi)
The answer is yes. For long-term investors, Sushi is a good DeFi token to have in your portfolio. But the short-term outlook suggests that we may see some volatility around Sushi Swap (Sushi) in the coming days. Hence, for the short term bulls, this may not be the most ideal time to enter.
SushiSwap (SUSHI) Gains Over 35% After 7-Day Bullish Uptrend – Price Analysis & Prediction Below first appeared on Coin Journal.