SushiSwap (SUSHI) showed strength by forming a long wick underneath it on September 9, confirming the $ 9.40 zone as support.
The token is currently traded within a short-term descending parallel channel, the breakout of which could trigger a strong upward movement.
SUSHI check support again
SUSHI has risen since June 22nd. It hit a higher low on July 20th and accelerated its rise, breaking above the $ 9.40 region on August 6th.
This resulted in a high of $ 14.85 on August 11th. Although the token has fallen since then, it has rallied sharply as it hit the $ 9.40 region that is currently serving as support. In addition, this zone also coincides with the 0.618 Fib retracement support.
SUSHI formed a long wick below on September 7th and has been moving upwards ever since.
Technical indicators support the continuation of the upward trend. The MACD is rising and shows almost a reversal signal in the uptrend. The RSI has just risen above 50.
If SUSHI breaks above $ 14.85, there will be virtually no resistance to the all-time high of $ 22.
Daily SUSHI / USDT Chart | Source: TradingView
Trader @CryptoTony claims that SUSHI managed to hold a low of $ 10.30 and that it is likely to make an upward move towards the previous high. This is completely in line with the analysis presented above.
The source: Twitter
Has the customization been completed?
The shorter term six hour chart shows SUSHI trading within a descending parallel channel. Movement within the canal is slow and bouncy, suggesting that it is in a phase of correction.
The sustained upside movement began after the token bounced off the channel’s support line and both the RSI and MACD produced bullish divergences.
Hence, a breakout is likely to occur over the canal.
SUSHI / USDT 6-hour chart | Source: TradingView
Count waves
Returning to the daily chart, SUSHI may have completed a pullback with wave 4 and is now in the fifth and final bullish wave.
The most likely target for the top of the move is the $ 18.22 to $ 18.28 zone. The target is found using the external fib retracement level of 1.61 (black) and the length of waves 1-3 (orange).
Daily SUSHI / USDT Chart | Source: TradingView
You can find the SUSHI prices here.
We invite you to join our Telegram for faster news: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Analysis
SUSHI could reach its all time high soon
SushiSwap (SUSHI) showed strength by forming a long wick underneath it on September 9, confirming the $ 9.40 zone as support.
The token is currently traded within a short-term descending parallel channel, the breakout of which could trigger a strong upward movement.
SUSHI check support again
SUSHI has risen since June 22nd. It hit a higher low on July 20th and accelerated its rise, breaking above the $ 9.40 region on August 6th.
This resulted in a high of $ 14.85 on August 11th. Although the token has fallen since then, it has rallied sharply as it hit the $ 9.40 region that is currently serving as support. In addition, this zone also coincides with the 0.618 Fib retracement support.
SUSHI formed a long wick below on September 7th and has been moving upwards ever since.
Technical indicators support the continuation of the upward trend. The MACD is rising and shows almost a reversal signal in the uptrend. The RSI has just risen above 50.
If SUSHI breaks above $ 14.85, there will be virtually no resistance to the all-time high of $ 22.
Daily SUSHI / USDT Chart | Source: TradingView
Trader @CryptoTony claims that SUSHI managed to hold a low of $ 10.30 and that it is likely to make an upward move towards the previous high. This is completely in line with the analysis presented above.
The source: Twitter
Has the customization been completed?
The shorter term six hour chart shows SUSHI trading within a descending parallel channel. Movement within the canal is slow and bouncy, suggesting that it is in a phase of correction.
The sustained upside movement began after the token bounced off the channel’s support line and both the RSI and MACD produced bullish divergences.
Hence, a breakout is likely to occur over the canal.
SUSHI / USDT 6-hour chart | Source: TradingView
Count waves
Returning to the daily chart, SUSHI may have completed a pullback with wave 4 and is now in the fifth and final bullish wave.
The most likely target for the top of the move is the $ 18.22 to $ 18.28 zone. The target is found using the external fib retracement level of 1.61 (black) and the length of waves 1-3 (orange).
Daily SUSHI / USDT Chart | Source: TradingView
You can find the SUSHI prices here.
We invite you to join our Telegram for faster news: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Other Posts
Related Posts
Latest
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
Press Release
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
