SushiSwap (CRYPTO:SUSHI) has recently shown a significant recovery after trading within a descending channel from June 6 to 23, during which its price dropped by 42%.
The token has now breached the upper trend line of this channel, indicating renewed buying interest.
Currently trading at $0.83, SUSHI faces resistance at $0.85, a level it could reach if bullish momentum persists.
Key metrics like the Market Value to Realized Value (MVRV) ratio suggest SUSHI is currently undervalued, potentially signaling a buying opportunity.
However, sentiment remains negative with a weighted sentiment of -0.41, reflecting cautious market sentiment.
The Relative Strength Index (RSI) at 36.77 and negative Chaikin Money Flow (CMF) further indicate prevailing selling pressure, suggesting that SUSHI may face challenges in sustaining its upward movement.