The price of SUSHI is moving within a support at 0.60 $. The closest resistance zone is at $ 0.71.
The price evolves within a descending parallel channel.
There are no signs of a bullish reversal
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Sushiswap (SUSHI) presumably started an upward movement, but failed to maintain that rise and has since lost almost all of its gains.
On October 7, SUSHI’s price dropped to a low of $ 0.551. An upward movement started the next day, and the SUSHI rose 57% in three days, peaking at $ 0.873 on October 10.
The SUSHI retraces to its support
Upon selecting these lines, the SUSHI had relapsed to the $ 0.60 support area, which corresponds to the 0.85 fibonacci level of the entire upswing. Additionally, this is the last support before the October 7 low. If the price declines to the latter, it would be a 100% retracement.
On the contrary, a rebound could push price up to the nearest resistance, located at $ 0.71.
Cryptocurrency trader @ Mesawine1 shared a chart of the SUSHI, saying the price may start to rise shortly, and could rise to $ 1.40.
This rise should take place if the SUSHI manages to overcome its current descending channel.
Although the price is indeed moving in an ascending parallel channel, there are no clear indications as to a possible exit from the latter.
On the contrary, both the MACD and the RSI indicate a downtrend, knowing that the MACD line is below 0, and the RSI is below 50. Neither indicator shows a bullish divergence.
The aforementioned support area of $ 0.60 coincides with the midpoint of the descending channel. A passage under this zone could therefore initiate a fall towards the support line of the channel, close to $ 0.50.
There are no signs that the SUSHI price will recover in the short term. On the contrary, a loss of the $ 0.55 area could push it down into new bearish territories.Categories: Bitcoin