- SUSHI token price makes a bullish engulfing candle that may shortly result in a bull run post-retest.
- The opposition from the 100 days Exponential Moving Average resists the bullish outgrowth.
- The pair SUSHI/BTC trades at the level of 0.0002251 BTC with an intraday growth of +6.43%
SUSHI token price has been moving sideways below the $9 resistance level after the incredible up move of 50% due to the demand near $6. However, the recent breakthrough in the SUSHI token price has made a bullish engulfing candle rise above the solid supply area.
As per the daily timeframe, the token price struggles to rise above the 100-days Exponential Moving Average resistance. Additionally, the sloping 100-day EMA may shortly give a bearish crossover with the 200-day EMA.
After finding demand near the $6 level, the SUSHI token trading price is $9.20, with the 24-hour trading volume rising 67%. The market capital of the token is up by 4.85% in the last 24 hours.
4-Hour Technical Chart Of SUSHI Token Price
SUSHI token prices project a loss in buying volume as it fails to break above the horizontal level marked out in the daily chart. As a result, the token price is struggling to enter the bullish stage.
The price action analysis suggests the SUSHI token price may find support near the $5.8 and the $3 level; meanwhile, the resistance levels of $13 and $18 are present on the upside.
As per the 4-hour timeframe, the coin price is consolidating above the 200 periods Exponential Moving Average.
The relative strength index represents a fall in underlying bullishness as the slope of RSI suddenly dips lower.
ADX indicator projects a gradual rise in price trend momentum.
Conclusion – SUSHI token price struggles to rise above the resistance of $9.5 in the 4-hour chart. However, the successful breakout of $9 in the daily chart with the ongoing retest projects a bullish rally shortly. Nevertheless, investors hoping for bullish entry must wait till the price sustains above $9, and for bearish spots, the fallout of 20-days Exponential Moving Average.
Support- $5.8 and $3
Resistance- $13 and $18