- Sushiswap’s technical setup shows that the altcoin is set for a major rally going ahead.
- On the other hand, Bitcoin price tanks as the U.S. releases CPI numbers for September 22.
While Bitcoin has been staying relatively stable over the last few weeks, some altcoins have been showing good movement recently. A popular crypto analyst Altcoin Sherpa recently shared his thoughts on where Bitcoin moves next.
Besides, he also shared his views on the decentralized exchange token Sushiswap (SUSHI). Based on the technical chart setup, Altcoin Sherpa thinks that SUSHI could be due for a bounce, according to its exponential moving average (EMA) as well as the support and resistance levels indicated by the Fibonacci (fib) retracement. In a message to his 184,300 Twitter followers, Sherpa said:
SUSHI: This area should provide a bounce w. 200 EMA 4h and .50 fib, would want to see some consolidation here though before entering. Careful of some weird… ‘news’ that might come out though…
Courtesy: Altcoin Sherpa
As of press time, SUSHI is trading at $1.19 with a market cap of $150 million. Furthermore, there’s also some controversy over Jared Grey, the newly appointed head chef at SushiSwap. Grey has been accused of stealing from a project called ALQO back in 2019. Many have questioned SushiSwap over his appointment earlier this month. However, Grey has responded by stating:
Today has been interesting. Let me be clear: the accusations towards me are 100% untrue. FYI, in 2019, my business partner stole funds from our community while I was busy raising funds to launch the Bitfineon exchange.
I have always operated with integrity in this space; you can reach out to anyone I’ve worked with directly over the years. I’ve had business failures, which CT likes to scrutinize, and I’m OK with that because it comes with the territory. However, baseless accusations are caustic and wrong.
Crypto analyst on Bitcoin
Altcoin Sherpa also shared his view on the movement of Bitcoin going ahead. As said, Bitcoin has remained stable for a very long time around the $19,000 level. Altcoin Sherpa expects the Bitcoin price to bounce back to around $18,000 levels. He writes:
$BTC: Looks like these range lows are coming with the green demand zone up first; would expect a bounce in the high 18ks. I highlight more of this in my video yesterday (check feed).
But as of press time, Bitcoin has tanked by 3.5 percent to $18,400 levels. The recent price crash today comes as the U.S. CPI numbers for September come hotter-than-expected. For the last month, the CPI inflation stood at 8.2 percent. On-chain data provider Santiment noted: “The percentage of discussions related to #Bitcoin, among top 100 assets, is at just 12.8%. This is the lowest week in 7 months. And for a 10th straight week, the crowd is #bearish toward $BTC”.
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