SushiSwap (SUSHI) has continued its movement in a consolidation phase after recording a move above $0.21. According to CoinMarketCap, as of Friday, May 1, SUSHI is currently trading at $0.2072, with a 24-hour trading volume of $9.72 million and a market capitalization of $59.37 million. Its price has shown stability over the last 24 hours but remains down by 6.59% over the last week.
Source: CoinMarketCap
Also Read: SushiSwap (SUSHI) Coils in Broadening Wedge as Bulls Eye $1.85 Breakout from $0.55
SUSHI Derivatives Show Mixed Sentiment
According to CoinGlass data, SUSHI open interest dipped slightly by 0.37% to $15.79 million, indicating stable participation in derivatives markets, while trading volume fell sharply by -19.89% to $18.84 million, reflecting reduced activity and cautious sentiment among traders in the market.
Source: Coinglass
The OI weighted funding rate stood at -0.0045, signaling a mild bearish bias in the market, as more traders appear to be favoring short positions, suggesting expectations of slight downward price pressure in the near term.
Source: Coinglass
SUSHI Eyes Bullish Breakout After Liquidity Sweep
Furthermore, the crypto analyst Crypto Patel revealed that SUSHI is making another bullish push on the 4-hour timeframe, propelled by an effective bounce off a significant support region.
The move followed a flush of sell pressure, which saw prices fall below recent lows, triggering stops, before making a sharp reversal higher. This suggests that large players are buying up under the surface and supporting the broader bullish sentiment.
Source: Crypto Patel’s X Post
The setup is now indicating a market biased towards the buyers, and with a controlled retreat, there are indications that suggest the market may move higher.
Liquidity is biased towards the level above the current level, and the targets to be expected are $0.2173, $0.2262, and $0.2400. If the 4-hour price closes below $0.1900, then analysis will be rendered invalid.
Technical Indicators Reveal Downward Pressure
According to TradingView, the weekly chart provides a vivid description of a continuous downtrend, where prices remain at $0.22078.
The asset is positioned comfortably below the midpoint of the Bollinger Bands at $0.34807. Even with the impressive 15.34% increase, candles hug close to the lower Bollinger Band level of $0.12835.
Source: TradingView
MACD is pointing out that there is continued negative momentum, as the lines lie quite deeply below the zero line.
While the MACD line remains below the signal line at -0.12566, thus retaining a bearish crossover, despite the histogram being progressively shrinking in size, showing a likely deceleration of selling pressure, there is no reversal yet evident.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: SushiSwap (SUSHI) Price Prediction: Can It Break $0.90 and Surge Toward $1.85?
