- SushiSwap breaks out of a horizontal range and forms an ascending pattern on the daily chart.
- SushiSwap price tapped $1.5 high on the daily chart, with key resistance present at $1.7.
- SUSHI price has sought support at around $1.2, forming higher lows on the daily chart.
SushiSwap‘s recent price analysis shows the cryptocurrency has experienced a positive run in the past week, with a break out of its horizontal range. On the daily chart, SushiSwap has formed higher highs and higher lows, suggesting a continuation of the bullish trend in the coming days. The token is currently trading near $1.5, with key resistance at around $1.7. On the other hand, SUSHI has also sought support at around the $1.2 level, forming higher lows on the daily chart.
SushiSwap is exchanging hands at $1.47 at the time of writing. The bullish momentum is expected to carry on if SUSHI breaks above $1.7, with the next target being around $2. Although, one should keep an eye out for a potential pullback if resistance presents itself at the key level of $1.7.
SushiSwap technical analysis on the daily chart indicates the volume is increasing, suggesting an increase in investor participation. The trading volume is standing at $77,596,034, up by over 23% in the past 24 hours. Looking at the technical analysis an ascending pattern is formed, with SUSHI’s price climbing above the EMA20. The MACD is showing positive momentum as well, with it trading above the zero level. The RSI has also moved into an overbought position, suggesting further upside in the coming days.
SUSHI/USD technical analysis on the 4-hour and hourly timeframes indicates the bullish trend is still intact. The price has moved above the EMA20, while the MACD is trading in a positive mode.
On the other hand, the RSI on both timeframes is currently standing at around 70 levels, suggesting that SUSHI may take some time before it breaks above $1.7 and moves to its next target.
The overall outlook of the SushiSwap market appears to be bullish, with recent price action indicating further upside in the coming days. The cryptocurrency is currently trading at $1.47, with key resistance present at the $1.7 level. Investors should watch for a potential pullback if resistance presents itself at that price level.
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Source: https://coinedition.com/sushi-trades-in-a-horizontal-range-with-an-intriguing-uptrend/