During the bearish market phase, SUSHI, which has been trading within a descending channel for months, experienced a slightly negative divergence in the market due to fundamental issues on its platform compared to other coins, resulting in a greater decline.
Yesterday, SUSHI witnessed a 17% price increase following a partnership agreement in the DeFi space.
From a technical perspective, we can observe that it has re-entered the descending channel. There is a possibility of retesting the previous level it broke, around $0.91 which is the 20MA on weekly chart. Subsequently, price movements will be entirely dependent on economic developments such as the Federal Reserve Meetings(FOMC) and Jerome Powell's statements regarding interest rates, which will determine market direction this summer.
It is important to note that this trade prediction is purely short-term and does not constitute any investment advice. In the medium term, price movements will be heavily influenced by the statements made during the FED meetings and upcoming financial datas such as inflation rate and non-farm payrolls.
-yesterday daily RSI almost touched the resistance (a price decline expected before the target and we seeing right now)
-Resistance areas= $0.91, $0.80, $1.12
-Support areas = $0.70, $0.60
-Suggested entry price = around $0.70
-target price = $0.87
Yesterday, SUSHI witnessed a 17% price increase following a partnership agreement in the DeFi space.
From a technical perspective, we can observe that it has re-entered the descending channel. There is a possibility of retesting the previous level it broke, around $0.91 which is the 20MA on weekly chart. Subsequently, price movements will be entirely dependent on economic developments such as the Federal Reserve Meetings(FOMC) and Jerome Powell's statements regarding interest rates, which will determine market direction this summer.
It is important to note that this trade prediction is purely short-term and does not constitute any investment advice. In the medium term, price movements will be heavily influenced by the statements made during the FED meetings and upcoming financial datas such as inflation rate and non-farm payrolls.
-yesterday daily RSI almost touched the resistance (a price decline expected before the target and we seeing right now)
-Resistance areas= $0.91, $0.80, $1.12
-Support areas = $0.70, $0.60
-Suggested entry price = around $0.70
-target price = $0.87
💥 Free signals and ideas ➡ t.me/vfinvestment
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.
💥 Free signals and ideas ➡ t.me/vfinvestment
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.