It seems there’s an opportunity on SUSHI/USDT to jump in and make some descent profit off the swing for some smart traders. Lets look into it to know what the market has for us then..
Economic Data and events of Sushi
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Observation
Over some months market has been moving on a rocky downtrend making Lower highs and lower lows, Moreover price reversed after forming a chart pattern considered as ( Double bottom ), Conceived to breakout through the neckline, precisely with good bullish momentum.
Sushi-swap is on the pullback this week
The price of Sushi-swap has fallen by $12.28 (-1.5%) within the past few days. the worth declined by 8.36% within the last 24 hours. in only the past hour, the worth fell by 0.71%. the present price is $12.28 per SUSHI.
Sushi-swap is -47.5029% below the all time high of $23.38. the present circulating supply is 192,789,256 SUSHI.
Total Supply:
- 233,948,989
Market Cap:
- $2,365,899,092
24 Hour Trading Vol:
- $361,458,723
However from our above chart we can clearly see that the market has previously consolidated on that same level few days ago, so the market will bounce off the price level 10.026.
Moreover is we consider looking at the first chart above we will observe that the market is on a pullback which will eventually continue the uptrend.
Technical indicator
Adding to our stochastic indicator on H4 is currently within the oversold level which may be a key confirmation on the longer term direction of the market, ” All indicator are lagging but plays a special role in confirmation.”
Watching BTC/SUSHI might be a good idea for more information, and paying attention to any upcoming news on BTC.
conclusion
The market will likely bounce off the support zone10.026 or 9.800 and will rally up to test the (PFH), target. peak formation high(PFH). Feel free to drop a question or idea within the comment section below.
Hi, I’m Ogugua! | Market analyst | Founder — LiquidityTradeIdeas | A go-to destination for beginner fx traders seeking actionable insights, strategies, and answers. We also cover topics such as technical analysis, risk management, trader psychology, and more.
Good Analysis