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Sushiswap Price Analysis: SUSHI swiftly retraces to $12, a reversal from there?

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Sushiswap price analysis is bullish for today as a quick spike to the $12 support indicates an end to a several-day retracement from the $16 new swing high. Therefore, we expect SUSHI/USD to return to bullish momentum over the weekend and look to regain some of the loss.

Sushiswap Price Analysis: SUSHI swiftly retraces to $12, a reversal from there? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. Bitcoin manages to gain 2 percent, while Ethereum was up by 0.59 percent. Meanwhile, Avalanche (AVAX) is still the best performer, with a gain of almost 16 percent.

Sushiswap price movement in the last 24 hours: Sushiswap retraces to $12 resistance turned support

SUSHI/USD traded in a range of $12.11 – $13.84, indicating strong volatility over the last 24 hours. Trading volume has decreased by 10.49 percent and totals $1.1 billion, while the total market capitalization trades around $1.63 billion, ranking the coin in 72nd place overall.

SUSHI/USD 4-hour chart: SUSHI ready for more upside?

On the 4-hour chart, we can see the Sushiswap price rejecting further downside, indicating an upcoming rally once again.

Sushiswap Price Analysis: SUSHI rapidly retraces to $12, a reversal from there?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action continued to trade with strong volatility this week. After peaking at the $16 resistance, SUSHI/USD saw a retracement of 25 percent until support was found at the $12 previous resistance, which now acts as a support.

Considering the price action development earlier this month, when a lower low was set around $10, we can assume that a significant reversal is in play right now as the previous spike set a strong higher high.

Therefore, the current higher low at $12 might be the catalyst for a lot more upside over the next week. Once the bullish momentum starts going again, we assume the next upside target to be the $18.5 mark.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish for today as a new higher low has likely been established overnight at the $12 mark. Since further downside was rejected, we expect SUSHI/USD to return to bullish momentum over the next week.

While waiting for Sushiswap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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