SUSHI Technical Analysis: Sushi Prices Skyrocket With Trendline Breakout
Table of contents
Key technical points:
Past Performance of SUSHI
The SUSHI price chart showcases a falling trend under the influence of a resistance trendline, accounting for a drop of 80% to a low of $0.85. However, buyers immediately overtook the trend control resulting in a price jump to $1.25, accounting for a 35% appreciation last week.
Source- Tradingview
SUSHI Technical Analysis
SUSHI price action displays an upward trend after the trendline breakout, but the higher price rejection candles in the daily chart signify a possible reversal. Therefore, those hoping for a bull run should be patient for the market price to sustain above $1.25. The DMI indicator indicates a weak spot in the bearish trend as the DI lines prepare for a bullish crossover. Thus, the trend reversal crossover could show a potential buying opportunity for traders.
The RSI indicator shows an upward trend, which reverses from the oversold boundary and gradually advances towards the halfway point. The 14-day SMA displays a trend higher than the 30% mark; however, the impact of bulls grows slowly. The MACD indicator shows the fast and slow lines that return to a positive direction from the zero line while remaining clear of the bearish cross. Furthermore, the bullish trend in the histogram's return shows an increase in buying pressure. In a nutshell, the SUSHI price action forecasts a breakout rally surpassing the $1.50 mark.
Upcoming Trend
Considering the breakout rally sustains above $1.25, SUSHI prices will soar to $1.50 with the support of increased trading volume.
Resistance Levels: $1.50 and $1.72
Support Levels: $1 and $0.85