Trading crypto? Breakout alert!
SUSHI/USD might be in for a big rally soon, as price just busted out of its long-term consolidation pattern.
Is there still room to catch the uptrend?
SUSHI/USD: Daily
SUSHI/USD Daily Chart
Check out that neat breakout yo!
SUSHI/USD broke through the top of its descending triangle pattern, hinting that a rally of the same height as the chart pattern might follow.
Technical indicators aren’t so sure yet, though.
The 100 SMA is still below the 200 SMA to reflect the presence of bearish vibes while Stochastic is in the overbought zone to signal exhaustion among buyers.However, it’s worth noting that the price also managed to make its way above the 100 SMA dynamic inflection point, so it could hold as support moving forward.
This means that once the oscillator turns lower to indicate a return in selling pressure, SUSHI/USD might simply retest the former triangle top that might hold as a floor.
Fans of SushiSwap were pretty stoked to find out GoldenTree, which has over $50 billion in assets under management, has a $5.3 million token stake in the DEX.
As it turns out, the global investment firm has had its eye on SushiSwap for quite some time and their new crypto-focused division is “psyched to be more active in all things Sushi.”
This followed a bit of reorganization in SushiSwap leadership, wherein Jared Grey was elected as the “head chef” or CEO by Sushi DAO.
Make sure you keep tabs on the latest developments when trading this one!
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