- Sushiswap price analysis is bullish.
- SUSHI/USD continues to respect $11 resistance.
- A brief retest of $10 support was seen yesterday.
Sushiswap price analysis is bullish today as downside momentum was rejected again, indicating that bulls are still building momentum to attempt a breakout above the $11 resistance. Therefore, we expect SUSHI/USD to move higher over the next 24 hours and target the $12 resistance next.
The crypto market traded in the green over the last 24 hours, with Bitcoin leading the way as it gained 5.54 percent. Meanwhile, Ethereum followed, with a gain of 5.19 percent, while Shiba Inu (SHIB) continued to dominate the market, with a gain of almost 50 percent.
Sushiswap price movement in the last 24 hours: Sushiswap finds support above $10 again
SUSHI/USD traded in a range of $10.04 – $10.92, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.1 percent and totals $275.4 billion, while the total market cap trades around $1.35 billion, ranking the coin in 79th place overall.
SUSHI/USD 4-hour chart: SUSHI to break $11 today?
On the 4-hour chart, we can see the Sushiswap price action still consolidating as bulls prepare to break higher.
Sushiswap price action has seen strong bearish momentum over the past weeks. After a strong decline from the $16 previous major swing high, support was eventually established around the $9 mark at the end of September.
Since then, a spike higher was seen on the 26th of September, with the following retracement setting a higher high at $9.25. From there, SUSHI/USD set a lower high around $11.25 during the first days of December.
Overall the Sushiswap price action development indicates that the market is in indecision right now. Likely we will see further consolidation over the next 24 hours. However, a break above the $11 is a strong possibility.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bullish today as any further downside was rejected above the $10 support again, indicating that a new higher low is set. Therefore, we expect SUSHI/USD to either continue consolidating or break above the $11 mark over the next 24 hours.
While waiting for Sushiswap to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.
SUSHI Price Analysis: Amid High Demand Price Approaching Key Resistance, Is A Breakout Imminent?
SUSHIUSDT gained roughly 7.6% within the last 24hrs in the face of recent FUD by an anonymous white hack hacker who took part in the platform’s ImmuneFi bug bounty program. The decentralized exchange [DEX] stays range-bound trading within the $5.9681 and $22.5674 significant resistance and support levels on the higher time frames. Meanwhile, the 4HR time frame gives clues that we may be heading towards the upper bound of the long-term price range.ADVERTISEMENT
Let’s probe deeper into the price charts of the AMM decentralized exchange, starting from the daily time frame.
SUSHISWAP (SUSHI) Daily Chart Analysis
The governance token SUSHI dipped into a correction phase on 26 August, as the RSI crossed below the level-25 from the top. It sends the price chart into an expanding channel enclosed by bullish and bearish divergence patterns on 10 September and 16 September ’21.ADVERTISEMENTGoMeat ICO Launched – 15% Bonus!
A bullish engulfing candlestick pattern closed above a bearish inside bar resistance [$9.0609] on 25 September, showing immunity to the China crypto ban, and suggesting a price surge to the upper bound of the expanding channel at $16.1864.
SUSHISWAP (SUSHI) 4HR Chart Analysis
The above 4HR chart annotations show the SUSHIUSDT entering a range-bound market structure after the RSI went below level-25 on 18 September ’21 00:00.
A rather recent bullish divergence pattern on 29 September 20:00, that has forced the RSI above the level-75 shows that the bulls are getting ready to exit the current price range.
A price close above the $11.9625 price ceiling with a second entry of the RSI above level-75 will confirm absolute dominance by the bulls. On the contrary, we may see further price dip, if the bears force the SUSHI price below the $8.51 support.
SUSHISWAP SUSHI Intraday Levels
- Spot rate: $10.7482
- Mid–Term Trend [H4]: Slowing Bearish bias
- Volatility: Low
- Support: $8.510 and $9.2308
- Resistance: $11.9625 and $16.1864
Sushiswap Price Analysis: SUSHI briefly moves past $9 support, rejects back to $11
- Sushiswap price analysis is bearish for today.
- SUSHI/USD saw a quick spike to $11 today.
- SUSHI is likely to consolidate around $10 today.
Sushiswap price analysis is bearish today as the market saw a quick spike to the $11 mark after dipping below $9 this morning. Since SUSHI/USD rejects further upside right now, we expect bearish momentum to follow, likely resulting in a consolidation of around $10 today.
The overall market traded mostly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.78 and 0.59 percent, respectively. Meanwhile, the top altcoins have declined by 3-5 percent.
Sushiswap price movement in the last 24 hours: Sushiswap spikes to $11
SUSHI/USD traded in a range of $8.53 – $10.80, indicating strong volatility over the last 24 hours. Trading volume has increased by 78.66 percent and totals $600 million, while the total market cap trades around $1.32 billion, ranking the coin in 74th place overall.
SUSHI/USD 4-hour chart: SUSHI looks to move lower again?
On the 4-hour chart, we can see the Sushiswap price action rejecting further upside, indicating an upcoming reversal towards previous support levels.
Sushiswap price action has seen huge volatility so far this month. After a strong drop to the $10 mark on the 7th of September, a reversal followed after several days of consolidation.
SUSHI/USD saw a several-day rally during the month, resulting in a higher high set around $16. However, from there, bears took over the market momentum again.
SUSHI saw a steady decline most of the last week, with a new lower low set early this week around the $9 mark. From there, a slight upwards reaction was seen during the middle of the week, followed by another test of the $9 support.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bearish for today as further upside gets rejected after a quick spike to the $11 resistance. Therefore, we expect SUSHI/USD to retrace some of the gains later today and likely consolidate above the previous support of $9.
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Sushiswap price analysis: We expect SUSHI/USD to retrace to $10 support level
- Sushiswap price analysis is bullish for today.
- SUSHI/USD saw further downside over the last 24 hours.
- SUSHI/USD will need to exceed the local resistance at $10.35.
The price analysis of Sushiswap is favorable for now, as the market has retraced to the $10 mark in the last 24 hours and has indicated resistance to more losses. As a result, we anticipate that SUSHI/USD will reverse and recoup some of its losses later today.
Sushiswap price movement in the last 24 hours: Sushiswap are finding stronger support beyond $10
SUSHI/USD has been fluctuating between $9.98 and $12.35 since yesterday, suggesting a significant price movement in the last 24 hours. SUSHI/USD dropped to a low of $9.0 today, reaching strong support at this level and signaling that the market is looking to reverse further losses.
On the daily chart, we can see that SUSHISWAP/USD has dropped below a critical support level around $9.1 and formed a double bottom pattern which serves as a strong buy signal. As the market has retraced to the $9.5 mark, we anticipate that SUSHI/USD will reverse and rise above $10 again.
SUSHI/USD 4-hour chart: SUSHI ready to reverse from the $10 support?
On the four-hour Sushiswap price analysis chart, reversed its downward trend and is now heading higher after dropping below $10. In the 4-hour chart, SUSHI/USD is currently finding support at $10 and is ready to reverse.
SUSHI/USD 4-hour chart. Source: TradingView
Over the previous seven days, the price of Sushiswap has been fluctuating dramatically. Following a jump to $10 on September 7, SUSHI/USD remained consolidating and retested the $10 support twice over the following days.
On September 13, the price was put to the test for the second time in a week. The market advanced above $12 local resistance and then rallied for 24 hours before topping out at $16.
Bears dominated the market, and the Sushiswap price tumbled by more than 40% until support was found around $10 earlier today. We anticipate a reversal to happen later in the week if bulls continue to reject additional downside.
We can see from the 4-hour chart that technical indicators are suggesting a further rise. The MACD and RSI both have positive momentum, indicating that buyers may be regaining control of the market.
Sushiswap Price Analysis: Conclusion
SUSHI/USD will need to exceed the local resistance at $10.35, which is a crucial level given that it has been historical support for the Sushiswap market in recent weeks. If confirmed, this will allow the price to rally up to its previous peaks near $20 and continue above them with a positive momentum going into the following week.