SUSHI/USDT — Moving in a Downward ChannelOn the the 4H chart, SUSHI is forming a downward price movement channel amid the recent collapse in the price of Bitcoin. The cryptocurrency is down nearly 30 percent since reaching its all-time high. In addition, SUSHI has returned to the accumulation zone, which began to form back in early January. Usually a long consolidation of the asset in such a zone ends with a fast upward movement on a bullish trend.
There are two main zones marked on the chart, which can be used as a reference point when buying the coin. A breakout of the descending channel and the growth of the RSI indicator above 50 complemented by high trading volumes would be another confirmation of SUSHI’s growth. The trading set-up can be cancelled if the coin's price falls below the long-term accumulation zone. The suggested Stop Loss order placement is also marked on the chart.
Use the GRID Bot by 3Commas to benefit from trading SUSHI/USDT. To do that, simply follow the steps below:
Head over to the GRID Bot by choosing it from the main menu in your 3Commas account;
Select the USDT Market and the SUSHI/USDT pair;
In the GRID Bot tab, go to the Manual strategy settings;
Set the upper limit price to $23.25 and the lower limit price to $11.35
Number of grid lines: 10;
Set the quantity per grid parameter according to the amount you wish to spend on each trade;
Click the Create button and your bot is ready to trade!
Best of luck, and happy trading!
-The 3Commas Team
