SUSHI Technical Analysis: Trendline Breakout Prepares $2 Breakout

Key technical points:

Past Performance of SUSHI

SUSHI prices showcase a bullish reversal from the $1 mark resulting in a double bottom breakout fuelling the price jump approaching the $2. Moreover, the bull run breaks above the long-coming resistance trendline of the falling expanding channel unleashing the long-trapped bullish momentum.

Source-Tradingview

SUSHI Technical Analysis 

The reversal in SUSHI starting at $1 comes with the volume support that was able to counterbalance the previous bearish trend volume. Thus, the surge in volume signifies critical support from bullish investors, entering with potentially highly leveraged portfolios.

The most important EMAs for the day have a downward trend with a bearish alignment. It is representative of the prior strong bearish underlying.

The RSI values make a sharp retreat from the oversold area and then surpass the 14-day mean to reach the mid-point. However, the Stochastic RSI indicator questions the bullish view since the K and D lines struggle to maintain the uptrend and hint at a bearish crossover after crossing the overbought boundaries.

Therefore the momentum indicator suggests a greater likelihood of an uptrend in SUSHI prices exceeding $2.

Upcoming Trend

As the buyers control the SUSHI prices at $1, the possibility of a reversal exceeding $2 after breaking the trendline resistance increases. Hence, the trendline breakout rally could hit the following price action threshold of $2.28. But, the reversal of $2 can fuel the downtrend, resulting in an eventual drop to the $1 threshold.

Support Levels: $1.5 and $1 

Resistance Levels: $2 and $2.28