SUSHI recovery confirmed!

SUSHI

MARKET_MINDS

BULLISH

Market & Ticker: SUSHISWAP - SUSHI/USDT 

 

 

Date: 01/11/2023 


 
Horizon / Timing:  Mid-term / 1 to 3 months 

 

SUSHI recently confirmed a direct bullish dynamic after having accelerated above the moving averages which area crossing to the upside (bullish signal confirmed). At the current level a larger recovery is expected towards 1,32 and 1,70 while the first key robust support to watch stands at 1,62. In this configuration the expectation is to realize a large upside trend as November 2021 but we can be confident at least for a retracement of the recent bear market with 3,30 as first long-term target to keep in mind. 
 

Technical Key Elements: 

- Sushi is bouncing off former historical low. 
- The RSI indicator is in positive area and keeps upside potential – No divergence 
- The Moving average crossed to the upside and are support 
- The Fibonacci key support is adjusted at 0,62 as tactical support while the Elliot wave shows upside potential towards 1,32 & 1,70 

 

Trade Idea conclusion: Buy - Conviction: 

 

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Target 2: 1,70  

Target 1: 1,32  

Buy: add in dip area 0,85 

Stop: 0,62 (Daily close) 

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 

 

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