Technical analysis by Aluucard about Symbol SUSHI: Buy recommendation (9/17/2024)

Trend: The chart shows a potential descending triangle or wedge pattern, with a breakout nearing the apex. SUSHI appears to be testing the upper boundary of the downtrend.Support and Resistance:Support: Around $0.52 (bottom boundary of the triangle and recent lows).Resistance: Around $0.63 (the trendline acting as resistance for the breakout).Indicators: The volume is slightly increasing as the price nears a breakout, which suggests a higher probability of a significant move once the resistance is broken.Trading StrategyBuy Position (on breakout)Entry Point: $0.63 (upon confirmed breakout above the resistance line).Stop-Loss (SL): $0.52 (below the recent low and triangle support to manage downside risk).Take-Profit (TP):First Target: $0.77 (first resistance after breakout).Second Target: $1.22 (further upside if the trend reversal strengthens).Risk ManagementPosition Size: As always, ensure your position size aligns with your risk tolerance and capital.Adjustments: If SUSHI breaks below the support of $0.52, it would be prudent to reconsider the position as it could indicate a continued downtrend.