In the vibrant South African cryptocurrency market, Sushi (SUSHI) token is making waves by indicating the beginning of an upward trajectory on its weekly chart. Although this positive trend is observed on a larger time scale, it may take some time before SUSHI commences its anticipated rise.
The Sushi token embarked on its upward journey when it transformed the $1.012 (R19.18) resistance level into a support base in early February. Following this pivotal moment, SUSHI experienced a remarkable 105% increase within a mere month, successfully navigating past the significant barrier at $1.628 (R30.87) and establishing a temporary peak at $2.153 (R40.80). Currently, Sushi aims to solidify its position above this crucial level, signaling a successful transition of $1.628 (R30.87) from resistance to support. Despite the optimistic outlook, investors should remain vigilant for a possible minor retracement before the uptrend firmly takes hold.
A potential surge in Bitcoin’s value to $75,000 (R1,422,000) or beyond could serve as a catalyst for altcoins, including Sushi, signaling a bullish market phase. Such a scenario could propel Sushi’s price toward the $3 mark (R56.88), signifying an approximate 85% increase from the $1.628 (R30.87) threshold and potentially establishing the next high.
Both the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicate a bullish momentum for SUSHI, with no immediate signs of bearish reversal. Additionally, the improvement in Santiment’s 30-day Market Value to Realized Value (MVRV) ratio from -11.85% on March 20 to -3.99% by March 28 demonstrates a reduction in investors experiencing losses.
This MVRV metric is crucial for gauging the average profit or loss of investors who bought SUSHI in the preceding month. Historically, a dip in Sushi’s 30-day MVRV below -10% has often presented lucrative buying opportunities that have subsequently boosted SUSHI’s price.
Notably, there’s been significant accumulation by whale investors holding between 100,000 to 1,000,000 SUSHI, with their token count increasing from 55.42 million on March 13 to 59.88 million by March 28. Similarly, medium-sized holders, with 10,000 to 100,000 SUSHI, have maintained their holdings around 14 million tokens, following a steady accumulation from nearly 13 million since February 13.
Should SUSHI fall below $1.267 (R24.01), it might indicate a bearish shift on the daily chart, potentially inviting short-selling or profit-taking activities. Under such circumstances, Sushi could revisit its significant weekly support level at $1.012 (R19.18), roughly 20% lower than $1.267 (R24.01), requiring cautious monitoring by investors.
In summary, the Sushi token’s journey in the South African crypto market is a testament to its resilience and potential for growth. With favorable technical indicators, positive market sentiment, and whale accumulation, Sushi stands at the cusp of potentially significant gains, albeit with a keen eye on the market’s dynamic nature.
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