SUSHI is currently oversold and may see a reversal soon

SushiSwap (SUSHI/USD) is down over 60% over the past month which may have caused the price to become oversold on panic selling. Therefore, investors can capitalize on this fear as sushi looks set to make a comeback soon as it is heavily oversold. SushiSwap is an Ethereum-based program that aims to motivate a network of users to run a marketplace where users can buy and trade crypto assets. Users first place assets in smart contracts, after which traders buy and sell cryptocurrencies from such pools, exchanging one token for another.

Sushi is down over 80% from its highs, and it's not looking good for the long term. Investors should therefore book some of their profits in the short term. Sushi is heavily oversold, giving investors an opportunity to take advantage of this fear. However, investors should note that this can only be a short-term reversal and not a long-term reversal and profits should be taken. Sushi is also trading at a key support level, so investors are also taking less risk making this trade a great potential. But what do the charts say about it?

Sushi has been trading in a descending triangle and has reached the support level, hence a reversal might be seen soon.

A similar setup was seen in early December with Sushi being oversold on the RSI, also trading at the support level and recovering briefly from there. So it looks like a reversal could be on the cards soon.

Investors need to set a stop loss as Sushi can also break the support level.

A goal can be set at $5.9 followed by $6.5.

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