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Cryptoknowmics 2022-05-23 22:00:05

SUSHI Technical Analysis: Trendline Breakout Prepares $2 Breakout

SUSHI prices showcase a breakout rally of the falling parallel channel, ready to surpass the psychological mark of $2 as the buying pressure increases. Key technical points: SUSHI prices approach the $2 mark. The RSI values prepare to cross into the nearly overbought zone. The 24-hour trading volume of Sushiswap is $202 Million, indicating a rise of 93%. Past Performance of SUSHI SUSHI prices showcase a bullish reversal from the $1 mark resulting in a double bottom breakout fuelling the price jump approaching the $2. Moreover, the bull run breaks above the long-coming resistance trendline of the falling expanding channel unleashing the long-trapped bullish momentum. Source-Tradingview SUSHI Technical Analysis The reversal in SUSHI starting at $1 comes with the volume support that was able to counterbalance the previous bearish trend volume. Thus, the surge in volume signifies critical support from bullish investors, entering with potentially highly leveraged portfolios. The most important EMAs for the day have a downward trend with a bearish alignment. It is representative of the prior strong bearish underlying. The RSI values make a sharp retreat from the oversold area and then surpass the 14-day mean to reach the mid-point. However, the Stochastic RSI indicator questions the bullish view since the K and D lines struggle to maintain the uptrend and hint at a bearish crossover after crossing the overbought boundaries. Therefor...

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