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SUSHI/USDT Outlook: Pattern Points to a Further Correction

Sushiswap was one of the altcoins which took 2021 by storm, rising more than 10-fold on the price charts. However, this rally seems to be over as price began a correction in March. The latest price picture on the daily chart indicates that this correction may be far from over and more downside may be on the way. This is because of the presence of a descending triangle, and also because the lower border of this triangle is already showing signs of disintegrating. 

Here is the SushiSwap price prediction for April.

Technical Outlook for Sushi

The price action on Sushi has broken below the descending triangle on the daily chart, with a pullback-retest of the 14.567 price level which serves as the triangle’s lower border. If the pullback is rejected by this border as a result of role reversal, we can expect the bears to take charge once more and send the SUSHI/USDT pair towards the 13.019 support pivot (15/26 February lows). Below this level, a further decline could target the 12.004 psychological support (25 January high). 

On the other hand, bulls will only see some joy if the price can push above 14.567, 15.474, and 16.755 in that order. This move would form the higher high needed to reverse the downtrend and send prices up towards the $20 mark (22 March 2021 high). 

SUSHI/USDT Daily Chart