SUSHI SWAP TOKEN Technical Analysis | Price Prediction | Cryptoknowmics
Let us take a look at the technical analysis of SUSHI.
On 29th September, SUSHI token found demand near the $9 support zone, leading to a price jump of more than 20% in the next 72 hours.
Another thing that is visible to us on the charts is the formation of the morning star pattern, which is seen due to the supply dump near the $11.5 resistance zone.
We can see the trend lines making an ascending triangle with the $11.5 resistance one. The price action was seen forming a head and shoulder pattern in the past 48 hours and a double top pattern in the past week, analyzing the bearish patterns, a fall for the SUSHI token is expected.
We can see the RSI slope moving slightly beneath the central line in the daily chart. Our analysis tells us that a breakout on either side will showcase a boom in RSI.
The MACD and the SIGNAL lines are below the zero mark in the daily chart, leading to a bullish crossover. The trends indicate a buying pattern.
Hence the conclusion drawn from the technical analysis of the SUSHI token reflects that the token is at a very crucial stage.
Furthermore, the readings highlight that the 50% Fibonacci level and $9 zone provide excellent support spots that can drive the price higher. Thus, resulting in a bullish reversal.
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