Sushi Price Analysis: The Parabolic Movement

• Sushi Coin price is reaching closer to the all-time highs after giving a parabolic movement 
• Sushi coin can make a cup and handle pattern

Sushi coin has made a parabola on the daily charts, turning into a cup and handle pattern in the upcoming period. The coin is currently at $7.03, and the all-time high lies at $8.80 levels. The market cap and 24 hour volumes are $1,271,055,708 and $140,900,579 respectively. 

Sushiswap(Sushi) Price; Reaching All-Time Highs – Breakout or Breakdown?

Towards the end of the cup and handle pattern, the sushi coin started moving in an upward narrow channel. This channel is making an ascending triangle with horizontal resistance at $8.8. The immediate resistance is at $9 and $10. 

After reaching the channel’s resistance, the volumes in the coin declined, suggesting a possible consolidation; needed for a breakout. The VWAP is at $7.25 levels acting as a resistance for the coin. 

The Bollinger Bands suggest a moderate bull run since both the upper and lower band headed towards up and the coin remains above the median. The upper band provides resistance at $8.41, and the median and lower band gives support at $5.85 and $3.275, respectively. 

The stochastic has given a sell signal, and the signal and slow lines appear to leave the overbought territory, which can cause the bears to bring a slight correction. 

MACD(8,21,5); the fast line and the slow line form divergence, which will cause the bull rally to halt for a while. The fast line can take support from the slow line and bounce back the coin for a breakout. 

ADX line is at 36.40 levels, suggesting a strong bullish trend. The DI+ and DI- are at 30.226 and 8.52, respectively. The DI+ is declining from the past few days, which points out towards profit booking while the DI+ is still sideways.

Conclusion

The Sushiswap coin is approaching an all-time high by forming an upward channel. The coin is currently at the coin’s resistance and may see some profit booking from the current levels. There is a possibility that the parabola, which the coin formed on the daily charts, may turn into a cup and handle pattern, which can be a second entry point for the traders. 

Support: $$5.84(upper BB) and $5.5

Resistance: $$8.4(Upper BB) and $8.8(All-time high)

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