SUSHI Price Analysis: Sushi May slide to $5.5-$4.8 Range As Price Prints Massive Descending Triangle Pattern

Published July 20, 2021 | Updated July 20, 2021

sushi

SUSHI Price Analysis: Sushi May slide to $5.5-$4.8 Range As Price Prints Massive Descending Triangle Pattern

  • SUSHI price dropped nearly -25% the last week
  • SUSHI Price is hanging on to major support zone
  • 250MA has held price down for 2 months

SUSHI Price Overview

Sushi-swap was full of hype a few months ago as the interest in using a decentralized swap skyrocketed. Price also followed as it rose nearly 5000% in a short 5 month period. Price started to turn around as BTC was flattening out around $60,000. Ever since then, SUSHI price along with the majority of the cryptocurrency market has been in a strong downtrend. A newly formed price pattern may give a hint of when the next trend may begin.

Sushi has formed a near 2 month long descending triangle which is shown in light green. This pattern is generally a bearish one but does sometimes break to the upside. At the time of writing, Sushi is hanging on to its last major support zone at $6.00-$6.55.

If bulls fail to hold this mark, sushi will fall hard. At that point, price would have broken to the downside of its descending triangle and would likely visit levels of $5.57 & $4.88.

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SUSHI Price Analysis: SUSHI/USDT 4 Hour Chart

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Sushi-swap has nearly 9 days until the very end of its descending triangle formation. For a bullish breakout to occur, SUSHI price must first break & hold the major resistance found at $7.11. If this is deemed successful, price will then retreat to next major resistance at $7.76. This is where bulls must battle hard as the 250 MA also lies right near this resistance. As this MA has held price down for 2 months, breaking & holding above this mark will likely send SUSHI price to its major resistance zone near $10.00.

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While looking at the Relative Strength Index, we can conclude the RSI is having a hard time at staying above the 50 value. Anything above this value is considered bullish and it must hold above this to see a strong revival. The Stochastic RSI is hanging out in oversold levels. This is the area where the largest price drops occur so strength must bounce above 20 very soon or Sushi is in for another tumble. 

Sushi Price Intraday levels 

  • Spot rate: $6.67
  • Trend: Bearish
  • Volatility: High
  • Support: $6.57
  • Resistance: $7.10
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Domenic CoinGape 64 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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