- SUSHI’s price has risen over the last 24 hours.
- The altcoin’s price is resting between the 20 EMA line and a resistance level.
- Traders may want to enter into a long position once a bullish flag is triggered.
SushiSwap (SUSHI) has seen its price rise over the last 24 hours, according to CoinMarketCap. At press time, the price of SUSHI has risen 0.83%. This has brought its price up to $1.36. Although SUSHI has strengthened against the U.S. Dollar, it has weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.89% and 2.19% respectively.
Daily chart SUSHI/USDT (Source: CoinMarketCap)
The price of SUSHI is currently resting between the daily 20 EMA line and the resistance at around $1.373. There is really great upside potential present for SUSHI’s price at the moment. This upside potential will transform into a bullish rally if SUSHI’s price is able to break above the resistance level at $1.373.
Should SUSHI’s price successfully challenge the resistance level, then it will look to target the daily 200-day EMA. This will see SUSHI’s price rise up to $1.83, which would constitute around a 34.6% move from the current price of SUSHI.
Traders may not want to enter into a long position now and rather wait for a confirmation of the bullish move, as the price of SUSHI is currently being squeezed by the daily 20 EMA line and the aforementioned resistance level.
A confirmation of the bullish move will be the price of SUSHI closing above the resistance at $1.373 at the end of today’s trading session. Additional confirmation would be the daily 9 EMA crossing above the daily 20 EMA.
On the other hand, a failed attempt at flipping the nearest resistance level into support will see SUSHI’s price break below the daily 9 and 20 EMA lines. This will bring the price of SUSHI down to $1.2.
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