SushiSwap Token Price Analysis: SUSHI Token Could Drop Another 40% If Sustains Below The $6 Mark.
November was not so fair with the SUSHI investors, as the token lost more than 30% in this month. December, following the same footstep of this previous month, displays even more seeling in its price where it has recently given a breakdown from the crucial support of $6, indicating even more bearishness in price.
SUSHI/USD Daily Time Frame Chart
Source- SUSHI/USD chart by Tradingview
Past Performance or Trend-
The SUSHI token price resonated in a symmetrical triangle pattern in the daily time frame chart. On November 15, the price gave a bearish breakdown from this support trendline and the 200 EMA line together. This pattern triggered an excellent short entry opportunity for the crypto traders as the price dropped more than 50% from the breakout point.
SUSHI Token Price Is Stuck In A Retest phase.
The SUSHI token has recently breached another crucial support of the $6 mark and is currently trying to retest the new overhead resistance to validate the presence of enough selling pressure. If the price managed to sustain below this level, the technical chart suggests the next strong support is at $3.3, i.e. 40% down.
However, on the contrary, as this breakdown was not so significant, the crypto traders should use strict risk management if they are looking for a short trade.
Technical Indicators-
-The daily Relative Strength Index(37) displays a bullish divergence in its chart, indicating the growing strength of market buyers.
-The SUSHI token price is moving below the crucial EMAs(20, 50, 100, and 200), supporting a bearish trend in this token.
-As per the traditional pivot levels of the 4-hr chart, the token traders can expect the nearest resistance for the SUSHI price at $5.7, followed by $6.7. As for the opposite end, the support levels are $3.4 and $2.2.
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