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🍣 Technical Analysis: SushiSwap ( $SUSHI )
Market capitalization: $97 million.
After an extended uptrend, a reversal is shaping up.
🟡 The price is right above the support level, giving us an excellent entry point for a short position.
How to trade❔
💬 Open a sell position when the support level breaks downward.
Place stop-loss behind the nearest extreme to protect against a false breakout.
💬 Set profit target before the next serious level below.
💬 Yes, this is quite an ambitious target, but the risk/reward ratio is excellent!
💬 If you're concerned that the target level is quite far, then manage the trade by trailing your stop-loss as the price moves during the decline.
Conclusion:
Classic strategy on trend reversal. Wait for breakout confirmation and act with discipline!
📈 Open a trade with $SUSHI 🔗 Chat • X • JioCoinsX