SUSHI coin price shows a morning star pattern retesting the rounding bottom breakout. Should you buy this retest or wait for another breakout opportunity?

Key technical points:
<ul>
 	<li style="font-weight: 400">SUSHI coin price retests the $3.5 breakout.</li>
 	<li style="font-weight: 400">In addition, the price fails to surpass the 50-day EMA.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Sushiswap is $188 Million, marking a 5% fall. </li>
</ul>
<h2>Past Performance of SUSHI</h2>
SUSHI coin price shows a remarkable recovery from the $2.80 support level resulting in the 35% rally last fortnight. The rally shows a bullish breakout of the rounding bottom pattern but fails to surpass the 50-day EMA. Therefore, the resulting morning star pattern retests the bullish breakout of the rounding bottom neckline at $3.50. 

<img src="https://s3.tradingview.com/snapshots/4/4SP8fnXi.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/4SP8fnXi/">Tradingview</a>
<h2>SUSHI Technical Analysis </h2>
SUSHI coin price shows a 3% retracement in the last 48 hours due to failing to surpass the $3.75 mark. However, the increasing buying pressure from the bullish rally last week might shortly resume the post-retest bull run.  

The crucial EMAs (50, 100, and 200) maintain a bearish alignment in the daily chart with a significant spread that gives an early reversal possibility. However, the 50-day EMA provides solid resistance that avoids the early reversal possibility. 

RSI Indicator: The RSI slope shows a remarkable recovery in the underlying bullishness, as the RSI line crosses above the 50% mark with a sharp reversal. Moreover, the 14-day SMA continues to provide support as it also enters the nearly overbought territory. 

MACD Indicator: The MACD and signal lines cross into the positive territory as the bullish spread grows with the increased buying pressure. Hence, the indicator remains bullish despite the short-retracement. 

In straightforward, the SUSHI technical analysis urges traders to keep a bullish mindset as the post-retest rally might start shortly. 
<h2>Upcoming Trend </h2>
SUSHI coin price might surpass the 50-day EMA shortly, resulting in a bullish rally to the $5 mark or closer to the 100-day EMA. Hence, the retest comes as an excellent entry opportunity with minimum risk.

However, the fallout of the $3.5 mark will nullify the bullish theory and result in a free fall to the $3.20 mark.

Support Levels: $3.5 and $3.20

Resistance Levels: $4 and $5

SUSHI Technical Analysis: Retest Phase of $3.5 Brings Entry Spot

SUSHI coin price shows a morning star pattern retesting the rounding bottom breakout. Should you buy this retest or wait for another breakout opportunity?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SUSHI Technical Analysis: Retest Phase of $3.5 Brings Entry Spot

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