🍣 Technical Analysis: SushiSwap (SUSHI)
Market capitalization: $69 million.
After the sharp crypto crash over the weekend, SUSHI recovered slightly and formed a sideways channel.
🟡 Although it's not very obvious, it can be bounded by levels above and below.
We'll trade the breakout of these levels.
How to trade❔
💬 On an upward breakout, open a long position. Place your stop behind the nearest extremum. Target profit – before the next level above. Risk/reward ratio looks acceptable.
💬 On a downward breakout, open a short position. Place your stop behind the nearest extremum. Target profit – at a distance equal to the width of the formed channel.
💬 Risk/reward ratio is normal.
Whichever way the price goes, we have a plan of action.
Conclusion:
Classic breakout trading after consolidation – wait for directional confirmation before entering a position.
📈 Open trade with $SUSHI
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