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ShushiSwap Price Analysis: SUSHI Token Passed The Retest Phase After The Breakdown From Crucial Support

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  • SUSHI token shows a good follow-through after an evening star pattern in a weekly time frame
  • The SUSHI/BTC pair was trading at 0.0002195 BTC with a loss of 4.00%
  • The 24 hr trading volume in SUSHI is $176.14 Million. 
Tradingview

In the weekly time frame, the SUSHI token has shown a strong evening star pattern, and in doing so, it has also given a breakdown from a crucial support level of $9(near the Fibonacci level 0.618). As for this week’s price action, investors can see that price has given a follow-through for the pattern with some higher price rejection as it keeps going down.

The RSI (BEARISH) current value is 44, indicating a bearish sentiment. Also, the RSI line is entering the overselling zone with no signs of reversal yet.

The $7.5 Support Stands As The Gate Of Bear Trend Confirmation.

Tradingview

 

The daily time frame of the SUSHI token clearly shows the breakdown from the crucial support level of $9. Furthermore, the retest phase completed with an evening star pattern, as for now, the price continues to move lower as is expected to reach the $7.5 mark, which stands as the last hurdle SUSHI token has to face before it drops to the $5.5 mark(0.786 Fibonacci level).  

About the EMA’s, the SUSHI token is trading below the critical EMA’s 20, 50, 100, and 200, indicating a strong bearish trend. The 20 EMA acts as a good dynamic resistance and has recently given a death crossover with 200 EMA supporting the bearish momentum.

The MACD indicator (BEARISH) Indicating strong selling momentum in the SUSHI token as it is around the -1 level. For now, the MACD line and the signal line are a bit close to each other, but it could be the reaction of the retest phase mentioned above. 

Conclusion: From the technical perspective, the overall sentiment for the SUSHI token is strongly bearish. As mentioned above, the token has given a successful retest at the $9 resistance, and this could be a great opportunity for traders looking for a short entry. Also, the people looking for a safer entry point can enter the market once the $7.5 mark is breached.

Support: $7.5

Resistance: