Sushi busted through the key inflection points we were watching a few weeks back and is now gaining traction on its climb.
As you can see from the chart below, SUSHI/USD already zoomed up to the $5.0000 levels!
Any chance to catch pullbacks on this trend?
SUSHI/USD: 4-hour
SUSHI/USD 4-hour Chart
Price seems to be retreating from its recent rally, offering an opportunity to hop in on a correction. The Fibonacci retracement tool shows levels where more buyers might be waiting.
I’ve got my eyes locked on the 50% to 61.8% region, which is right around the $4.0000 major psychological handle and an area of interest.This also happens to be spanned by the dynamic inflection points at the 100 SMA and 200 SMA. Oh, and did I mention that a fresh bullish moving average crossover formed, too?
Stochastic is still pointing down for now, which suggests that sellers have the upper hand and that the correction could keep going. Then again, the oscillator is closing in on the oversold region to signal that buyers might take over pretty soon.
If that happens, SUSHI/USD could bounce right back up to the swing high and beyond!
This might also create an inverted head and shoulders pattern with the neckline around the $5.000 mark, hinting that a longer-term uptrend is in the works.
Apart from the ongoing test phase of Sushiswap’s Trident, another factor propping up SUSHI these days is developer 0xMaki’s proposal to integrate SushiSwap with LayerZero through their first omnichain application called Stargate Finance.
Now if Stargate sounds all too “Guardians of the Galaxy” for you, the TL;DR version is that the integration will support seven networks including Ethereum, Polygon, Avalanche, and BSC. In effect, it will allow users and dApps to transfer assets across multiple chains and unified liquidity pools.
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