• Sushi price is bounded inside an ascending wedge on the 4-hour chart.
  • Technical indicators suggest the digital asset is ready for a breakout towards $4.3.

Sushi has been trading inside a robust daily uptrend for the past few weeks and continues trending higher as the entire cryptocurrency market has recovered from the most recent dip. The digital asset faces one last resistance level at $2.8 before a massive price explosion.

Sushi price needs to crack $2.8 to reach $4.3

The ascending wedge pattern formed on the 4-hour chart is on the verge of a breakout. The upper trendline resistance level is located at $2.8 and the current price is at $2.74, right below it.

sushi price

SUSHI/USD 4-hour chart

A breakout above this critical resistance level would quickly drive Sushi price towards a target of $4.3 in the long-term. However, there is one concerning sign in the short-term that could affect this outlook.

sushi price

SUSHI/USD 15-minutes chart

On the 15-minutes chart, the TD Sequential indicator has just presented a sell signal which has been extremely accurate on the past few calls. Validation of the signal could push Sushi price towards the lower trendline of the pattern at $2.3. A breakdown below this point can push SUSHI to a price target of $1 in the long-term.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple proponent attorney slams Michael Saylor’s stand on Bitcoin as perfect money, XRP dips to $0.47

Ripple proponent attorney slams Michael Saylor’s stand on Bitcoin as perfect money, XRP dips to $0.47

Ripple proponent Bill Morgan slams Michael Saylor for promoting Bitcoin as perfect money. XRP Ledger AMM has crossed a milestone of 20 million XRP tokens in Total Value Locked.

More Ripple News

Bitcoin price stalls as BTC miners reserve dwindle; market watches for impact

Bitcoin price stalls as BTC miners reserve dwindle; market watches for impact

Bitcoin spot ETFs show continuous outflow from June 13 to June 21. BTC miners have also seen a decline in their reserves. Bitcoin price is trading inside a descending wedge, and a breakout above $64,600 signals a bullish move.

More Bitcoin News

Week ahead: Bitcoin dips under $63,000, meme coins fade with steep correction in top five

Week ahead: Bitcoin dips under $63,000, meme coins fade with steep correction in top five

Bitcoin dipped under $63,000 on Monday, lowering crypto market capitalization by over 3%, per CoinGecko data. BTC is in a state of decline, and news of VanEck’s Spot Bitcoin ETF launch in Australia failed to improve traders' sentiment. 

More Cryptocurrencies News

Pepe poised for 20% crash

Pepe poised for 20% crash

Pepe price breaks below the ascending trendline support on Sunday, suggesting  a bearish move. On-chain data suggests that PEPE’s active addresses are decreasing, signaling lower demand for the network.

More Pepe News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. 

Read full analysis

BTC

ETH

XRP