SushiSwap (SUSHI) has the potential to bounce anytime soon if this market indicator remains intact. Over the past year, SUSHI's price bounced every 35 days, and in the majority of the cases, the stochastic RSI indicator was in oversold territory, signaling a reversal.

SushiSwap 30-Day Cycle

The current 35-day low falls on 24 Nov, which means that if the bounce doesn't come this week, the 35-day cycle is broken. Additionally, the stochastic RSI is also in oversold reading, and the fast stochastic line (%K line) is crossed above the slow stochastic line (% D line).

Based on the previous rallies, SushiSwap has, on average, gained around 88.33% with each rally. The most gains were secured with the rally from the mid-April low when SUSHI rallied over 152%. On the opposite side, the last rally from the mid-October low produced the most minor gains of only 39%.

Another factor that supports the bullish view is that the current sell-off has stalled at a key support level. Historically, the $9.0 level has acted as a critical S/R zone where the price reacted.