SUSHI’s Price Movement Is Positive Despite Bearish Market

• 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.

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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