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.
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.
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.
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