technical analysis for $SUSHI /USDT with three target levels and trade momentum:
Current Price: $2.19 (+5.12%)
Key Support Level: $2.058
Key Resistance Level: $2.294
Chart Analysis:
Short-Term Momentum: Currently, SUSHI has been showing strong bullish momentum with a price increase of 5.12% over the past 24 hours, reaching a high of $2.294. However, the recent 15-minute and 1-hour timeframes show minor pullbacks, indicating some consolidation or resistance near the $2.29 level.
RSI (Relative Strength Index): The RSI is likely near 60-70, which indicates that the asset is trending towards overbought conditions but is not yet in the extreme zone. This suggests potential continuation with caution.
Moving Averages: The short-term moving averages (e.g., 15-minute or 1-hour) are likely showing upward trends, signaling potential bullish continuation. Watch for any crossovers of the 50-period and 200-period moving averages for confirmation of sustained bullish momentum.
Trade Signal & Targets:
Long Entry:
Trigger: Enter a long position above $2.19 (current price level).
Stop Loss: Set a stop loss just below the support level at $2.05 to limit potential losses.
Target Levels:
1. First Target: $2.30 (Immediate resistance level)
A breakout above $2.29 could push the price towards this level, where the momentum may slow due to increased selling pressure.
2. Second Target: $2.40
If the bullish trend continues, this level is a key resistance zone where the price may test again, potentially forming a higher high.
3. Third Target: $2.50
Longer-term traders can look to target this level if the market conditions remain bullish and if the overall DeFi trend supports further gains.
Momentum:
Bullish Trend: Currently, the market shows bullish momentum, with price action consolidating above key support levels. The target of $2.30-$2.40 seems likely for the near term.
Bearish Reversal: If the price drops below $2.05 and fails to reclaim higher support, a bearish reversal could occur, indicating a possible decline towards $2.00 or lower.