SushiSwap selling price action demonstrates a struggle to sustain the uptrend as far more and far more bearish elements influence far more and far more. However, there is an mind-boggling bullish bias that could break via any small retracement in the everyday chart.
Key technical factors to ponder:
- SUSHI token selling price struggles to conquer 200-day EMA provide strain.
- The everyday trading volume of the SushiSwap token is $one.18 billion, displaying a one hundred% maximize.
In our earlier coverage of SushiSwap technical examination on Dec 14, the token selling price broke the $six assistance region and a drop to $three is suspected. However, the coin selling price has conquer the downward momentum.
Completing a double bottom on Dec 21 and breaking via the neckline at $seven, the SUSHI coin selling price continued its uptrend in direction of $9. However, the current zone amongst $eight and $9 stays influential and could set off a trend reversal.
The coin selling price demonstrates a struggle to rise over the 200-day EMA in spite of breaking over the 50 and one hundred-day EMAs more than the previous couple of days with absolute ease. Furthermore, the RSI (65) demonstrates a reversal as the slope approaches the overbought boundary.
SUSHI/USD four-hour timeframe chart
SUSHI token selling price continues its resonant rally in a growing channel pattern displaying new greater lows and greater highs in the four-hour chart. However, the current struggle to break over the $9 resistance could mark a bearish flip.
Furthermore, a greater rejection candle was formed that closed beneath $9 and showed a bearish bias. However, as extended as the selling price action stays inside the channel, traders may possibly come across bullish possibilities at the assistance ranges.
The selling price action demonstrates resistance at $eleven.five right after the $9 horizontal degree in the everyday chart. Meanwhile, earlier bullish reversals marked assistance ranges at the $eight and $six assistance zones.