The resumption of downward price movement has kept the bearish Sushiswap price predictions intact. This follows the 1.89% drop in the SUSHI/USDT pair after Monday’s 3.58% advance appeared to have helped the bulls to recover some of Sunday’s steep losses.
Sunday’s 12.8% drop in the SUSHI/USDT pair reinforced new bearish Sushiswap price predictions as the expectations of a rate hike by the Federal Reserve caused a panic selloff in the crypto market. The sentiment is powerful and it has seen the entire crypto market endure a shake-up.
Last week’s consumer inflation data, which surprised the upside, has seen Fed Funds futures pricing in a 100 basis points rate hike to 20%. If such a significant interest rate increase were to occur, this would make risky assets even more undesirable at this time and push money into USD-denominated fixed-income assets.
With less than 30 hours to this interest rate decision, crypto holders appear to be cautiously selling off Sushiswap and other tokens, but strong support has capped any giant slides in price. Will the floor at 0.9968 hold? This is something that is explored in the outlook scenarios below.
Sushiswap Price Prediction
The downside move of the day has set its sights on the 0.9968 support level (28 August low), where a breakdown clears the pathway toward the 18 June low at 0.8590. The 2 July low at 0.9440 could serve as an intervening pitstop.
Below the 0.8590 all-time low, new lows could present at 0.8269 (27% Fibonacci extension level from the 10 August high to the 28 August low) and at the 61.8% Fibonacci extension level at 0.6165. On the flip side, the recovery retracement move will be on the cards if the bulls successfully uncap the 1.1080 resistance (13 July and 16 September low).
Above this level, 1.2205 (26 July low and 23 August high) becomes a new upside target. There are additional price barriers at the 1.3485 (12 September high) and 1.4652 (78.6% Fibonacci retracement level) price areas. These become available if the advance continues, with a break of the latter clearing the route toward the 1.5927 price level that has capped price action since June.