SUSHIUSD trade ideas
SushiSwap Price Prediction: SUSHI Imminent Mega Breakout To $4
SushiSwap finds stability after a gruesome week, recovery is in the offing.
SUSHI/USD bulls must defend the triangle support to avert any lingering declines back to $1.00.
The embattled and epitome of DeFi drama, SushiSwap token seems to have found some semblance of stability after last week’s rollercoaster ride. Support has been established and embraced at $2.15 and marginally above $1.00. At the time of writing, SUSHI is trading at $2.20 following a 24% retreat over the last 24 hours according to data by CoinMarketCap.
A falling triangle pattern is the most pronounced chart pattern in the hourly range. If the bulls hold onto the short term building momentum, a breakout above the triangle would kick start SushiSwap’s mega rally to levels above $3.00 and $4.00 respectively.
Technical indicators on the chart suggest that SUSHI will stay in consolidation a while longer. The Relative Strength Index (RSI) has slowed down the downtrend after forming a higher low and lower low pattern. Support above 30 (oversold region) means that bulls are fighting to regain control of the price. Moreover, recovery towards the levels at 40 and the midline would indicate the return of bullish pressure, significant enough to support a break above the triangle.
Meanwhile, it is essential to note that the price is trading below the 50 and 100 moving averages. SUSHI will have to change these two resistance zones (50 SMA at $2.61 and 100 SMA at $2.65) into support areas to properly gain ground and launch an attack at the triangle resistance, $3.00 and $4.00 levels.
For now, keeping the price within the confines of the triangle is in the bulls’ best interest. In other words, it vital that the pattern’s support remains intact. Otherwise, a break under the triangle could culminate in an exploration of the rabbit hole back to the $1.00 level.
SushiSwap Intraday Levels
Spot rate: $2.20
Relative change: -0.16
Percentage change: -6.80
Trend: Short term bearish bias
Volatility: Expanding
Are you trading SUSHI? Testing critical resistance againDisclaimer: This is not financial advice
High leverage trading is all about entries, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we plan ahead and wait for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade!
A lot of drama surrounds sushi, but we don't trade drama, we trade the chart. When trading in days like these it's crucial to keep in mind the macro market conditions. I haven't made new posts about majors yet but we seem to have put a top for a while in most coins. Bear that in mind when you trade. Looking at sushi, it is following a pattern we see very often in crypto, a pennant that breaks one way only to break out definitively in the opposite direction. There was a bullish pennant in formation in sushi which broke out yesterday. We seem to be headed for higher highs. I've been watching this coin for a while so I do not recommend buying here. If you missed out what you can do instead is wait for a high leverage short. A good entry for high leverage shorts would be the 4.1-4.4 area. We are currently testing an important resistance, at 3, which should be broken this time after several failed attempts yesterday.
Entry: 4-4.4 SL: 4.4 TP1: 3.4 TP2: 2.2
