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The SUSHI token price is trading at the demand zone after falling from the supply zone. - 2
The token price is forming a falling wedge pattern in a daily time frame. - 3
The pair of SUSHI/BTC is trading at the price level of 0.0000532 with a decrease of -1.90% in the past couple of days.
The SUSHI token price, as per the price action, is trading at the long-term important demand zone. Recent bearish pressure in the overall cryptocurrency market has caused the token price to fall back to the demand zone.
Token price shows a positive structure
The token price is forming lower low and lower high formation on a daily time frame. The token price faced continuous rejection of the downward sloping red trendline acting as a strong supply zone. The token has continuously bounced off the demand zone. Going upwards the token price can be seen facing rejection of the recent higher high.
At present, the SUSHI token price is trading at the lower band of the Bollinger band indicator, after failing to surpass the upper band. The SUSHI token price is currently trading below the 50 and 100 MAs. The recent fall in the price of the SUSHI token price has led to the breakdown of the important MAs. Moving upwards the token price can be seen facing strong bearish pressure from these MAs. Volumes have increased as the token price fell to the demand zone. As a result, volatility is bound to increase in the upcoming trading days and therefore investors should remain cautious.
The SUSHI token price if forming a falling wedge pattern on a daily time frame
Moving Average Convergence Divergence: The SUSHI token price is trading at the demand zone after falling from the supply zone. The recent fall in the price of the SUSHI token price triggered a negative crossover on the MACD indicator. The blue line crossed the orange line on the downside. If the token price can sustain at the demand zone and bounces off it breaking the falling wedge pattern, the MACD lines can be seen triggering a positive cross-over. Investors should wait and watch for a proper signal of the trend as a breakdown of the current long-term demand zone will trigger the MACD line widening supporting the trend.
Relative Strength Index: RSI curve is trading at the level of 40.07. The RSI curve is yet to cross the halfway mark of 50. Once the token crosses the supply zone of 1.38 the token price can be seen moving up with strong bullish momentum. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness. Once the RSI crosses the halfway mark of 50 the SUSHI token price can be seen breaking the supply zone, supporting the trend.
Supertrend: The SUSHI token price fell from the important supply zone on a daily time frame. Despite that, the token price is yet to give a breakdown of the super trend buy signal line. As of now, the SUSHI token price has been in a strong downtrend. Moving forward the token price can be seen taking support at the super trend buy line. The breakout of the falling wedge pattern on the daily time frame can trigger a super trend giving a buy signal.
Conclusion: SUSHI token price is in a strong downtrend. Price action suggests the same as the token price breaking the important demand zone. The technical parameters are also bearish supporting the trend on a daily time frame. Investors should wait for a breakout of the falling wedge bullish chart pattern in a 4-hour time frame and then act accordingly.
Support: $1.15 and $1.05
Resistance: $1.35 and $1.55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/06/sushi-token-price-analysis-token-price-ready-for-reversal/