- SUSHI token shows a 20 and 50 EMA are on the verge of giving a bullish crossover.
- The SUSHI/BTC pair was trading at 0.000239 5BTC with a gain of 6.43%
- The 24hr trading volume in the SUSHI token is 391.6 Million
After the second bounce from the $5.8 support, the SUSHI token showed a double bottom pattern in the daily pattern. The neckline for this pattern was at the $9.7 mark, and today the price finally gave a proper breakout from this resistance level, providing an excellent entry opportunity for SUSHI traders. However, the traders can wait for a retest at this level for more confirmation and better risk to reward entry.
Concerning the EMA’s, the SUSHI token is trading above all the critical EMA’s 20, 50, 9.70, and 200, indicating a bearish trend in the token. In addition, the chart also shows a bullish crossover of 50 and 200 EMA, which could attract even more sellers in the token market.
The RSI (BEARISH) current value is 698, indicating a bullish sentiment in the token.
SUSHI Token Crypto Chart In The 4hr Time Frame
The SUSHI token chart in the 4hr time frame gives a clear picture of the importance of the $9.7 mark. As the chart shows, the price has already gotten rejected from this level exactly four times before price giving a proper breakout. Furthermore, the SUSHI traders can also use the traditional pivot level in their chart, which shows some remarkable confluence with the SR levels and can provide an extra edge in one’s trading.
The MACD indicator (BULLISH) indicates strong buying momentum in the SUSHI token as the MACD and the signal line are moving higher to the neutral zone. In addition, the indicator also shows strong green bars on the histogram chart.
Conclusion: From the technical perspective, the SUSHI token shows an impressive bullish outlook in its price action and indicators, providing a positive scenario for market participants to look for some long opportunities in this token.
Thus, as mentioned above, the token price has provided a breakout from the double bottom pattern, and if the price shows manages to sustain above this level, the SUSHI traders can grab the nearest target till the $11.3 mark.
Support: $10
Resistance: $11.3