Technical Analysis of SUSHI/USDT Chart (May 31, 2024)
📈 Price Trend and Candlestick Pattern $SUSHI
Price Trend: The chart shows that the SUSHI/USDT price is in an uptrend, but has recently shown signs of correction. The current price is $1,171, having declined from the most recent peak of $1,318.
Candlestick Pattern: Recent candles show strong fluctuations, with red candles dominating, indicating increased selling pressure.
📊 Trading volume has increased in recent trading sessions, showing great interest from the market and strong price fluctuations.
📏 Fibonacci Retracement Level
The Fibonacci retracement levels are drawn from the bottom near $0.872 to the top near $1,318.
These levels help identify potential support and resistance areas:
0.236 Retracement: $1,222
0.382 Retracement: $1,192
0.5 Retracement: $1,164
0.618 Retracement: $1,135
0.786 Retracement: $1,086
📉 Current Price and Resistance
Current Price: The current price is $1,171, between the 0.382 and 0.5 Fibonacci retracement levels.
Resistance: The nearest resistance level is $1,212, located near the 0.236 Fibonacci retracement level.
📊 Moving Average (SMA)
SMA: Short-term SMA lines such as SMA 9 and SMA 20 both show a short-term downtrend, reflecting price adjustments.
📌 Conclusion
The chart shows that the long-term uptrend is still in place, but the price is experiencing a short-term correction. If the uptrend holds, the price could revisit the $1,212 resistance level.
However, if the downtrend continues, support levels to watch will be key Fibonacci retracements like $1,164 and $1,135.
🔍 Suggested Entry Points
You should consider these levels to find a reasonable buying point. It's still important to check for yourself, research thoroughly and then decide.
Price Increase Scenario:
Entry: $1,171 (current price)
TP: $1,212
SL: $1,135
Discount Scenario:
Entry: $1,164.
TP: $1,212
SL: $1,086
*note: DYOR
