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SushiSwap doubles in value in two days – is it time for a pullback?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

SUSHI exhibited encouraging price action for long-term bulls and shifted the weekly chart bullish with a move past $0.8.
Findings from on-chain metrics suggested the market might not be as healthily bullish as the price action showed.

SushiSwap [SUSHI] saw a great leap in trading volume in recent hours. The price leaped higher by just over 70% and the trade volume by more than 500%. While it pointed toward intense sentiment, it could also be the frantic scramble of an altcoin late to the bull party.

Read SushiSwap’s [SUSHI] Price Prediction 2023-24

This sparked concerns that SUSHI had embarked on a pump to draw in speculators before the larger holders dumped their holdings. Was this the case? Time will tell, but as things stand, the $1 support level could be vital in the coming days.

The HTF market structure shift revealed a false break could be unlikely

Source: SUSHI/USDT on TradingView

While it was not guaranteed to be this way always, a liquidity hunt usually retraces most of the move quite quickly. Therefore, the past few days’ gains should have receded at either the local highs at $0.816 (orange) or the psychological $1 resistance.

They didn’t and instead managed to reach a high of $1.3. In the coming days, a drop below the $1 and $0.8 levels could be a warning for bulls that the rally was over. However, if the $1 mark was flipped to support, it could see further gains recorded in the coming weeks.

The Fibonacci levels showed that SUSHI could go as high as $1.74 and still retain a higher timeframe bearish bias. This highlighted the strength o

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Author: Akashnath S

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