SushiSwap (SUSHI) should have completed a long-term correction. This will be confirmed when the price breaks out of the current long-term descending resistance line.
Descending resistance line
SUSHI has moved down along with a descending resistance level since it hit $ 22.50 high on May 18. The line has declined the price multiple times, most recently on Nov 3rd, which resulted in a high.
However, SUSHI has risen since then, reclaiming $ 6.30 on December.
It is currently approaching the resistance line again. A break above this line is likely to confirm that the correction is complete.
The technical indicators are rising and support the continuation of the uptrend.
The MACD, formed by the short and long term moving averages (MAs), is sloping up and is about to break into the positive zone. This means that the short-term MA is moving faster than the long-term MA and is a sign of an uptrend.
The RSI, a momentum indicator, has moved above 50. This is another indicator of an upward trend.
Daily SUSHI / USDT Chart | Source: TradingView
The six hour chart shows that SUSHI is moving along another short-term descending resistance line near $ 9 that coincides with the resistance area of $ 8.85.
It reached resistance on December 26th and was rejected.
Despite the short-term decline, both the MACD and RSI are sloping up, which supports the continuation of the uptrend.
Hence, SUSHI is likely to break this horizontal resistance and the long-term descending resistance line.
SUSHI / USDT 12-hour chart | Source: TradingView
Trader @TheTradingHubb has sketched a SUSHI chart showing that the correction is complete. This will be confirmed when the price reclaims the $ 6.50 zone.
The source: Twitter
Since the tweet, SUSHI has moved across that zone and continues to move up. Therefore, the customization is likely to be completed.
Looking at the entire uptrend since October, it looks like SUSHI has completed long-term wave 1 (white) and correction 2 with the WXY structure (black).
Therefore, it looks like long-term wave 3 has started.
If so, SUSHI could rise to new ATH levels and more.
The next resistance is found at $ 16.20 created by the 0.618 FIb retracement level and the horizontal resistance area.
SUSHI / USDT 3-day chart | Source: TradingView
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