Technical Analysis for $SUSHI /USDT:
Current Price: $1.255
Support: $1.251
Resistance: $1.367
Trend Analysis:
Short-term Trend: Bearish
The price has recently been falling, indicating bearish momentum. The 15-minute and 1-hour charts show price corrections, and the last 24 hours' data supports this downward trend.
Medium-term Trend: Neutral to Slightly Bearish
The price is trading close to its support level of $1.251, but it is still under pressure from the recent decline.
Long-term Trend: Bullish (Potential Reversal)
Although the recent short-term and medium-term trends are bearish, the long-term trend remains potentially bullish if the price can reverse and break above the resistance at $1.367.
Key Technical Levels:
Support Levels:
Primary: $1.251 (recent low)
Secondary: $1.23 (next support zone)
Resistance Levels:
Primary: $1.367 (recent high)
Secondary: $1.40 (next resistance zone)
Trade Signals & Targets:
Target 1: $1.267 (Short-term Rebound)
Trade Action: Buy at $1.255 or at market price with a tight stop loss below $1.251.
Reason: The price might bounce back from the current support level towards the first resistance zone ($1.267), as it shows short-term recovery potential.
Target 2: $1.30 (Medium-term Target)
Trade Action: Buy at $1.267 and hold.
Reason: If the price breaks $1.267, the next target is $1.30, a significant resistance point. This target aligns with the trend reversal after a potential correction.
Target 3: $1.367 (Long-term Target)
Trade Action: Hold until $1.367 or above.
Reason: A break above $1.30 would lead to testing the major resistance at $1.367. If the price surpasses this level, it may indicate the start of a new bullish phase.
Trade Momentum:
Momentum: Bearish in the short-term but showing signs of potential reversal.
Volume Analysis: Trading volume is relatively high, with $USDT being the major pair. High volume at the support levels might indicate buyers stepping in.
RSI: If RSI drops near or below 30, it may signal an oversold condition, suggesting a buying opportunity.