SUSHI USDT
Trend: The chart shows a potential descending triangle or wedge pattern, with a breakout nearing the apex. SUSHI appears to be testing the upper boundary of the downtrend.
Support and Resistance:
Support: Around $0.52 (bottom boundary of the triangle and recent lows).
Resistance: Around $0.63 (the trendline acting as resistance for the breakout).
Indicators: The volume is slightly increasing as the price nears a breakout, which suggests a higher probability of a significant move once the resistance is broken.
Trading Strategy
Buy Position (on breakout)
Entry Point: $0.63 (upon confirmed breakout above the resistance line).
Stop-Loss (SL): $0.52 (below the recent low and triangle support to manage downside risk).
Take-Profit (TP):
First Target: $0.77 (first resistance after breakout).
Second Target: $1.22 (further upside if the trend reversal strengthens).
Risk Management
Position Size: As always, ensure your position size aligns with your risk tolerance and capital.
Adjustments: If SUSHI breaks below the support of $0.52, it would be prudent to reconsider the position as it could indicate a continued downtrend.
Support and Resistance:
Support: Around $0.52 (bottom boundary of the triangle and recent lows).
Resistance: Around $0.63 (the trendline acting as resistance for the breakout).
Indicators: The volume is slightly increasing as the price nears a breakout, which suggests a higher probability of a significant move once the resistance is broken.
Trading Strategy
Buy Position (on breakout)
Entry Point: $0.63 (upon confirmed breakout above the resistance line).
Stop-Loss (SL): $0.52 (below the recent low and triangle support to manage downside risk).
Take-Profit (TP):
First Target: $0.77 (first resistance after breakout).
Second Target: $1.22 (further upside if the trend reversal strengthens).
Risk Management
Position Size: As always, ensure your position size aligns with your risk tolerance and capital.
Adjustments: If SUSHI breaks below the support of $0.52, it would be prudent to reconsider the position as it could indicate a continued downtrend.
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