SUSHI Price Analysis: Sushi May slide to $5.5-$4.8 Range As Price Prints Massive Descending Triangle Pattern

SUSHI price dropped nearly -25% the last week
SUSHI Price is hanging on to major support zone
250MA has held price down for 2 months

SUSHI Price Overview

Sushi-swap was full of hype a few months ago as the interest in using a decentralized swap skyrocketed. Price also followed as it rose nearly 5000% in a short 5 month period. Price started to turn around as BTC was flattening out around $60,000. Ever since then, SUSHI price along with the majority of the cryptocurrency market has been in a strong downtrend. A newly formed price pattern may give a hint of when the next trend may begin.

Sushi has formed a near 2 month long descending triangle which is shown in light green. This pattern is generally a bearish one but does sometimes break to the upside. At the time of writing, Sushi is hanging on to its last major support zone at $6.00-$6.55.

If bulls fail to hold this mark, sushi will fall hard. At that point, price would have broken to the downside of its descending triangle and would likely visit levels of $5.57 & $4.88.

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SUSHI Price Analysis: SUSHI/USDT 4 Hour Chart

Live Chart

Sushi-swap has nearly 9 days until the very end of its descending triangle formation. For a bullish breakout to occur, SUSHI price must first break & hold the major resistance found at $7.11. If this is deemed successful, price will then retreat to next major resistance at $7.76. This is where bulls must battle hard as the 250 MA also lies right near this resistance. As this MA has held price down for 2 months, breaking & holding above this mark will likely send SUSHI price to its major resistance zone near $10.00.

While looking at the Relative Strength Index, we can conclude the RSI is having a hard time at staying above the 50 value. Anything above this value is considered bullish and it must hold above this to see a strong revival. The Stochastic RSI is hanging out in oversold levels. This is the area where the largest price drops occur so strength must bounce above 20 very soon or Sushi is in for another tumble.

Sushi Price Intraday levels

Spot rate: $6.67
Trend: Bearish
Volatility: High
Support: $6.57
Resistance: $7.10

The post SUSHI Price Analysis: Sushi May slide to $5.5-$4.8 Range As Price Prints Massive Descending Triangle Pattern appeared first on Coingape.

Publication date

07/20/2021 - 07:14

Author

Domenic CoinGape

Article source

Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.