SUSHI Technical Analysis: Price has Broken the Previous Resistance at $11.332, and $11.792. Facing Resistance at $13.1

Let us look at the technical analysis of SUSHI.

Past Performance

SUSHI opened on October 26, 2021, at $10.76. It closed on November 1, 2021, at $12.76. The weekly change was positive 18.58%. The 24hr high was at $13.1 and the 24hr low was at $11.22.

SUSHI Technical Analysis

The price has broken the previous resistance at $11.332, and $11.792. The price is now facing resistance at $13.1. It is currently trading at $12.53 which is 1.68% less than compared to November 1, 2021’s close. Let us look at the oscillators.

OBV is showing a dip at the end of its graph, showing that the buying pressure is beginning to be dominated by the selling pressure. This is a credible negative signal, as many professional traders look forward to this indicator.

RSI is currently at 59.39%. It is again showing that the price is losing its strength and is likely to fall. The traders may be cautious here.

The Sushi community voted in favor of launching liquidity on Kusama and Polkadot after the initiative was proposed to the community by Derek Yoo (the founder of Moonbeam) in October 2020. Now that Moonriver has launched as a parachain on Kusama, it’s time to make it official. This was announced on October 26, 2021.

Moving average convergence divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. MACD graph for SUSHI is showing that the MACD line and the Signal line, both are positive. The MACD or the Fast line is also moving upwards, giving bullish signals.

Day-Ahead and Tomorrow

FIB Retracement is showing that SUSHI has crossed the last Fibonacci pivot at $12. Earlier, it was moving among the pivots at $11.17, $10.66, and $10.25.

Thus, OBV and RSI are showing negative signals. This means that the bears are likely to take control of the price, so the traders may take a short position by keeping the stoploss at $9.625. However, there is still a possibility for an uptrend and hence target can be kept at $14.31.