SUSHI Price Surges 100% — Sets Sights on $4.45 After Clearing Resistance

The SUSHI price has increased rapidly since the start of November, reaching a new yearly high of $2.82 on Dec. 9. While the price fell afterward, it returned to the previous horizontal resistance and validated it as support.

Will a bounce follow the retest,or will SUSHI break down instead, invalidating the previous breakout? Let’s find out.

SUSHI Price Breaks Out

The weekly time frame SUSHI chart shows that the price increased gradually after reaching its low of $0.446 in August. Then, it created a higher low in November before accelerating the rate of increase, which has now become parabolic.

Last week alone, SUSHI increased by nearly 100%. However, it has lost a significant portion of those gains this week.

Nevertheless, SUSHI reached a new yearly high of $2.82, breaking from the long-term horizontal resistance at $1.95. This is a critical area that previously existed for 945 days.

Regarding the horizontal resistance area, SUSHI is returning to validate it as support (white icon).

Technical indicators are also bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing and above their bullish thresholds.

If the SUSHI upward movement continues, the next long-term resistance will be at $4.45.

Will SUSHI Maintain Breakout?

The daily time frame chart shows that SUSHI is likely in wave three of a five-wave increase (white), which has extended. The sub-wave count is in black.

If the count is accurate, SUSHI is in sub-wave four, which might have ended with the $1.95 horizontal area retest.

If this is the case, wave three could end at the long-term horizontal resistance of $4.50. Technical indicators do not confirm whether the trend is bullish or bearish.

While the RSI and MACD are above their bullish thresholds, they also decrease, indicating an undetermined trend.

The shorter-term six-hour chart shows that SUSHI has increased alongside an ascending support trend line since Nov. 21.

The ongoing decline took SUSHI back to the ascending support trend line, triggering a short-term bounce (white icon).

Also, the RSI bounced at 50 (black circle), a sign of trend continuation. As a result, the most likely SUSHI prediction suggests the bottom is in, and the price will increase toward the next long-term resistance at $4.50.

Conversely, breaking down from the ascending support trend line will invalidate this bullish outlook.

If that happens, the SUSHI price will also break down from the $1.95 horizontal area. Then, SUSHI could decline to the next support at $1.20.

$1.95 Is Key for Trend

The SUSHI price has returned to its previous breakout level of $1.95 and is attempting to validate it as support.

If successful, this could trigger a sharp bounce and over 100% increase. However, a breakdown could deepen the retracement toward $1.20.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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