SUSHIUSDT is testing the Fibonacci level

SUSHIUSDT is testing the 0.5 Fibonacci level as new resistance on the $1.140 area inside an ascending channel.

An ascending channel is a technical chart pattern formed by drawing two parallel trendlines connecting a series of higher lows and higher highs. The pattern can indicate an uptrend, with buyers continuing to enter the market at higher and higher prices. The upper trendline represents a resistance level, while the lower trendline represents a support level. Traders often use the upper and lower trendlines to identify potential buying and selling opportunities.

According to Plancton's Rules, if the price of SUSHIUSDT loses support at the $1.080 area and retests it as new resistance, it may suggest a bearish trend. Traders could consider entering a new short position with the expectation of a continued downtrend