Lorenzo Stroe
Independent Analyst
- 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/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/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.
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