SUSHIUSDT is testing the 0.5 Fibonacci level as new resistance on the $1.140 area inside an ascending channel.An ascending channel is a technical chart pattern formed by drawing two parallel trendlines connecting a series of higher lows and higher highs. The pattern can indicate an uptrend, with buyers continuing to enter the market at higher and higher prices. The upper trendline represents a resistance level, while the lower trendline represents a support level. Traders often use the upper and lower trendlines to identify potential buying and selling opportunities.
According to Plancton's Rules, if the price of
SUSHIUSDT loses support at the $1.080 area and retests it as new resistance, it may suggest a bearish trend. Traders could consider entering a new short position with the expectation of a continued downtrend
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.