- The SUSHI token shows the 20-and-50-day EMAs are on the verge of giving a bullish crossover
- The SUSHI/BTC pair traded at 0.0013 BTC, with a gain of 0.79%,
- The SUSHI’s token 24-hour trading volume is $60.18 Million, indicating a 19.18% hike
The SUSHI token has been wavering between the $11 and $9 mark for more than a month now, creating a short-range in this token. This is a no-trading range for crypto traders, and they can only expect a good directional move once the price breaches from either level of this range.
Due to the sideways movement in this SUSHI price, the crucial EMAs of this token are drawn too close together. Thus, the SUSHI traders can restrict these EMAs just to 50 and 200 to identify the primary trend in this token. The price is currently trading above the 200 EMA, maintaining a bullish momentum.
The RSI value (BEARISH) stands at 47, indicating a slightly bearish sentiment about the price movement.
SUSHI token Displays An Ascending Triangle Pattern
In the 4hr time frame chart, the SUSHI token displays an ascending triangle pattern. The crucial resistance (neckline) for this pattern is at $12-$11.5; once the price gives a proper breakout from this resistance, the crypto traders can grab a long opportunity in this token. The SUSHI token trades at $10.6 with an intraday loss of 3.17%.
The moving average convergence/divergence indicator (BULLISH) shows both the MACD and signal lines are moving around the neutral zone (0.00), indicating neutral momentum for the SUSHI token.
Conclusion: The technical outlook for the SUSHI token still indicates a short-term bearish trend. However, the token price is currently in a short consolidation phase. If the price manages to break out from the overhead resistance of this range, the price could rally back to the previous swing high of the $15.5 mark.
Support – $10.0
Resistance- $12-$11.5