- The RSI line has shown a substantial drop with respect to the coin’s price action.
- 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 438.6 Million
On 21th August, the SUSHI token rally was rejected from the $28.51 resistance, resulting in a minor retracement in this token. However, such pullback is a good practice for this token to maintain a healthy uptrend. The price was able to find good support from the 0.382 FIB level displayed by a morning star candle pattern. As for today, the price showed a good follow-up candle, suggesting the continuation of the bull rally.
Regarding the EMA’s, the SUSHI token is trading above all the critical EMA’s 20, 50, 100, and 200, indicating a bullish trend in the token.
The RSI (BULLISH) current value is 57, indicating a bullish sentiment in the token. However, the RSI line showed a substantial drop in its value for a minor retracement like this, indicating weakness in this bullish momentum.
SUSHI Token Crypto Chart In The 4hr Time Frame
After the second bounce from the $11 support, the SUSHI token showed a double bottom pattern in the 4hr time frame. The neckline for this pattern was at the $12.5 mark, and today the price finally provided a proper breakout from this resistance level. The price is currently at its retest phase, providing an excellent long entry opportunity for SUSHI traders.
The MACD indicator (BULLISH) indicates strong confirmation for the above pattern as both the MACD and the signal line have just moved above the neutral zone(0.00). In addition, the indicator also shows a steady growth of green bars on its histogram chart.
Conclusion: From the technical perspective, the SUSHI token has a bullish outlook on its price action and indicator, making a favorable scenario for market participants looking for long opportunities in the Crypto market. Moreover, the token price broke out of the double bottom pattern. The SUSHI traders can grab the closest target until the $15 mark if the price holds above that level.
Support: $12.5, $11
Resistance: $15