- SUSHI token bulls reclaim the 20 EMA in the daily time frame
- The SUSHI/BTC pair was trading at 0.0002697 BTC with a gain of 2.28%
- The 24hr trading volume in the SUSHI token is 603.9 Million
On 12th September, the SUSHI token price bounced from the $10 support with a morning star pattern, suggesting the end of the retracement phase. Later the token price provided an excellent follow-up candle, breaking some minor resistance of the technical chart. The current price of the SUSHI token is $12.9 and is now offering a retest to the breakout of the $12.6 mark.
The RSI (BULLISH) value is 54, indicating a slightly bullish sentiment in the token. However, the RSI line showed a significant drop with its bearish divergence, indicating weakness in the bull rally.
Concerning 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.
SUSHI Token Forming A Triple Bottom Pattern
The SUSHI token showed the formation of a triple bottom pattern in the 4hr time frame chart. The neckline for the pattern is at the $12 mark, and yesterday, the price finally provided a proper breakout from that resistance. As for now, the price is going through a retest phase, and the Crypto traders can grab a great entry opportunity for a quick long trade.
The SUSHI trader can also plot the traditional pivot level in their chart, providing more confirmation for the breakouts of crucial levels.
The MACD indicator (BULLISH) displays both the MACD and the signal line moving above the neutral zone(0.00), indicating a bullish momentum in the price.
Conclusion: From the technical perspective, the SUSHI token shows a good bullish outlook concerning its price action, providing a long opportunity for the Crypto trader. However, the strong divergence in the RSI cannot be overlooked, and a breakout of the overhead resistance $15 mark will give a better confirmation for the continuation of the bull rally.
Support: $12.8
Resistance: $15