SUSHI/USDT Retail Market Structure: Q1 2021 so far

SUSHI/USDT Retail Market Structure: Q1 2021 so far

By idm | Psychologica | 1 Mar 2021


72bcff34c33ae7c982a88b43d04bc7924dd032611e24449664d2c9c30aef5ef0.png

This post examines SUSHI/USDT retail price and volume movement from Jan-01 to Feb-28.

Sushi saw strong, high-volume trading at the start of 2021.

The SUSHI/USDT price started around 2.5 USDT and traded within a narrow channel, barely 1 USDT wide, for the full month of January.

Until the end of the second week in January, the SUSHI price remained beneath 5 USDT.

SUSHI saw a brief markup to 7.5 USDT in the third week, then traded sideways again within a narrow channel until the end of the month.

SUSHI closed January at just about 10 USDT - and a decent volume was still trading at this price.

There was substantially less SUSHI/USDT volume in February, with the notable exception of trading around February 20.

After rapidly reaching 15 USDT, the price began to oscillate within a much larger range for the rest of the month - approximately 3 USDT wide now.

By the second week in February, the 15 USDT price point switched from resistance to support. Subsequently, the price has largely remained above 15 USDT.

In the third week of February, we see large volume trading around 18 USDT, which finally brought the price just below 15 USDT.

February closed with moderate volume bringing SUSHI above 15 USDT again.

How to read this plot

This plot depicts the movement of SUSHI quoted in USDT, for the year 2021 to date. Data for SUSHI/USDT were collected from Huobi.

The width of the line is proportional to the volume traded during that period. Similarly, lighter colors correspond to higher volume.

The peaks and troughs have been identified. Peaks were connected to form channels containing most of the price action.

About Psychologica

People make the market. Psychologica publishes original research about people and markets.

This is not financial advice.

More Research from Psychologica

Questions and Comments

I look forward to your questions and comments


idm
idm

Ian is a computational psychologist who studies memes, crowds, and markets.


Psychologica
Psychologica

People make the market. Psychologica publishes original research about people and markets.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.