- The RSI line showed a significant drop with its bearish divergence,
- The SUSHI/BTC pair was trading at 0.0003159 BTC with a gain of 15.46%
- The 24hr trading volume in the SUSHI token is 1.06 Billion
As mentioned in my previous article on Sushiswap, after experiencing a minor retracement till the $10 support, the SUSHI token bulls were back in business as the price started rising again. The main confirmation for the bull rally was obtained yesterday when the token’s price gave a breakout from a crucial resistance of $15 and is currently trying to sustain above it.
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) value is 54, indicating a slightly bullish sentiment in the token. However, the RSI line showed a strong bearish divergence concerning the token’s price action, indicating weakness in the bull rally.
SUSHI Token Crypto Chart In The 4hr Time Frame
The SUSHI token chart in the lower time frame shows a clear picture of the $15 breakout, with a massive spike in the trading, suggesting the interest of market participants in this breakout. The price is currently trying to retest the broken level for valid support, which would provide a great entry opportunity for Crypto traders.
The SUSHI trader can also use 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 higher to the neutral zone(0.00), indicating a bullish momentum in the price. Moreover, the histogram also supports the bullish rally with the steadily rising green bars in its chart.
Conclusion: From the technical perspective, the SUSHI token shows a reasonable possibility of price continuing with its uptrend as the price has broken the previous high of this rally. Thus, the price sustaining above the $25 mark should be an excellent opportunity for Crypto traders looking for a long entry into this market.
Support: $15
Resistance: $16.8