The cryptomarket presents mixed trading on Friday. BTC consolidates gains above $56k while selected Altcoins, especially NFTs related tokens are on the move. SushiSwap has been on a steady rise since the start of 2021. SushiSwap attained highs of $20.74 on Mar. 2, but this was followed by a sharp decline to lows of $15.58. On Mar. 12, SUSHI/USD extends leg higher to intraday highs of $19.57. SushiSwap’s renewed momentum coincided with Coinbase listing on March 11th. Following the listing, Sushi spiked to highs of $22.10 on Coinbase while trading at highs of around $19.28 on other exchanges. At the time of writing, SushiSwap is exchanging hands at $18.33, up by 6.95% in the last 24 hours and 16.82 on a 7-day basis. Sushi’s market valuation stands at $2.39 billion with a 24-hour trading volume of $756 million. On March 11th, Coinbase announced its support for SushiSwap (SUSHI) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store SushiSwap. SUSHI is also available in all Coinbase-supported regions, except for New York.
*Following the listing, SUSHI spiked to highs of $22.10 on Coinbase
*SushiSwap is exchanging hands at $18.33, up by 6.95% in the last 24 hours and 16.82 on a 7-day basis
*Coinbase customers can now buy, sell, convert, send, receive, or store SushiSwap
Key Levels
Resistance Levels: $25.00, $22.50, $20.00
Support Levels: $17.05, $15.58, $12.48
SUSHI/USD Daily ChartSUSHI soared above the $20 psychological level on March 9, which suggests the bulls are attempting to resume the uptrend. The buyers will now try to push the price above $19.57. If they succeed, the SUSHI/USD pair could rally to the all-time high at $20.74. A breakout of this resistance could start the next leg of the up-move to $22.50 and then $25.
The upsloping MA 50 and the RSI hovering in the positive territory suggest an advantage to the bulls. This bullish view could invalidate if the price turns down and breaks below the MA 50 at $14.50. Such a move may result in a decline to the critical support at $11.66.
SUSHI/USD 4-Hour ChartOn the 4 hour chart, SUSHI bumped into significant resistance on its approach to a $20 psychological level. On the downside, SUSHI sits atop robust support at $17.05 near the MA 50 which may help to cushion further losses. If this fails, another formidable support sits at $15.58 beneath the MA 200. A breakdown beneath this level may indicate a bearish comeback.
Conversely, if buying pressure increases on SUSHI/USD, the pair may retest the $19.57 high with the aim of a breakout. If this happens, a rally to $20.74 and ultimately $25 may be on the cards. The SUSHI/USD pair is only bullish while trading above the $17.05 mark, key resistance is found at the $20 and the $22.50 levels.
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