Technical Analysis: SUSHI/USDT by Cryptorphic

25 Jul

Hello everyone, I’m Cryptorphic.
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Now, let’s dive into this chart analysis:

SUSHI has been trading within a descending channel since its all-time high. It has been more than three years, and the price has not shown any significant bullish move.

SUSHI is currently in a long-term downtrend; however, it's approaching a historical support zone around $0.4730, indicating a potential reversal.

Although #SUSHI is under a descending triangle pattern, which is a bearish pattern, it should still respect the all-time low support and must rebound.

A breakout above the resistance trendline could lead to a significant bullish move. Will a 48x to 50x gain be possible? Not so soon, but it is possible.

Key Levels:

- All-Time Low Support: $0.4730.
- Resistance: $1.01.
- Invalidation Point: A close below the all-time low support.

DYOR, NFA.

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