SUSHIUSDT is testing the resistance
Currently, the price of SUSHIUSDT is inside a descending channel, which is a technical pattern that is formed by connecting the price highs and lows with two downward sloping trend lines. The upper trend line acts as a resistance level while the lower trend line acts as a support level.
Recently, the price of SUSHIUSDT retested the 0.618 Fibonacci retracement level, which is a commonly used technical analysis tool that is based on the Fibonacci sequence. This retracement level is considered to be a significant level of support and resistance in the markets. After retesting this level, the price of SUSHIUSDT created a new higher high, which is a bullish sign that suggests that the buyers are gaining control of the market.
However, the price of SUSHIUSDT is currently testing the dynamic resistance level inside the descending channel, which could act as a barrier for the price to move higher. A dynamic resistance level is a technical level that is created by a moving average or other technical indicator that changes over time.
The descending channel is a bearish technical pattern that suggests that the overall trend is down. The upper and lower trend lines of the channel act as key levels of resistance and support respectively, and traders can use these levels to make trading decisions.
According to Plancton's rules, which are a set of technical trading rules that are used by some traders, a breakout from the $1.5 area could signal a new long position, which means that traders could consider buying SUSHIUSDT with the expectation that the price will continue to rise.
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Follow the Shrimp 🦐
Keep in mind.
Recently, the price of SUSHIUSDT retested the 0.618 Fibonacci retracement level, which is a commonly used technical analysis tool that is based on the Fibonacci sequence. This retracement level is considered to be a significant level of support and resistance in the markets. After retesting this level, the price of SUSHIUSDT created a new higher high, which is a bullish sign that suggests that the buyers are gaining control of the market.
However, the price of SUSHIUSDT is currently testing the dynamic resistance level inside the descending channel, which could act as a barrier for the price to move higher. A dynamic resistance level is a technical level that is created by a moving average or other technical indicator that changes over time.
The descending channel is a bearish technical pattern that suggests that the overall trend is down. The upper and lower trend lines of the channel act as key levels of resistance and support respectively, and traders can use these levels to make trading decisions.
According to Plancton's rules, which are a set of technical trading rules that are used by some traders, a breakout from the $1.5 area could signal a new long position, which means that traders could consider buying SUSHIUSDT with the expectation that the price will continue to rise.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
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