- The trading volume of the Sushi token in the last 24hr at the time of writing this article is +165%
- The price of SUSHI/BTC and SUSHI/ETH at the time of writing this article is 0.0001885 BTC and 0.002751 ETH, respectively
- 20MA is below the 100MA
LONG TERM VIEW:-
In the daily time interval, we can see the Sushi token price is near the resistance as the bulls are trying their best to break it, and the bears are trying their best to push them down. As the 20MA is below the 100MA and that’s a bearish move. Let’s look at the technical indicator to see if the price will break the resistance or not. First, we can see the MACD, which is showing green histograms as the MACD line is above the signal line. Also, there is no sign that lines will change their direction. In addition to that, we can see the RSI is in the neutral zone near 54, and the RSI line is pointing sideways, which means that the bulls and bears are giving each other a good fight. Lastly, we can see the Moving average as the 20MA is below the 100MA and the 50MA is heading towards the 100MA, which is a bearish sign.
SHORT TERM VIEW:-
In the 4hr time interval, we can see the 20MA has crossed the 50MA. It is a very bullish sign. Also, the MACD is showing green histograms, which means the MACD line is above the signal line, but the MACD line is changing its direction, which means it will cross the signal line soon, which is a sell signal. In addition to that, the RSI is in the neutral zone near 60, and it is pointing sideways, which means the bulls and bears are giving each other a good fight. Lastly, we can see the moving average as the 20MA crosses the 50MA and both 20MA and 50MA are above the 100MA. The Sushi token price is also making a descending triangle pattern which is a very bearish pattern. So this can be a trend reversal.
CONCLUSION:-
Looking at both the long term and short term, we can see that the Sushi token price cannot go above the resistance. It seems like it won’t do it as the technical indicators show in both daily and 4hr time intervals, a descending triangle pattern formation in the 4hr time interval, which is a very bearish sign. So the price will be bearish now. Then from support, it can bounce back up, but it depends on the bulls volume
RESISTANCE:-$12.06,$13.23
SUPPORT:- $10.52,$9.52